Greystone Provides $81M Refi for SoCal Multifamily Project

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Real estate investment firm Bridge Investment Group has secured refinancing for a large, luxury multifamily property in Southern California.

National finance company Greystone announced it provided an $81.1 million nonrecourse, fixed-rate loan through Freddie Mac (FMCC) for the 397-unit multifamily property in Jurupa Valley, Calif., in the Inland Empire. It covers a previous construction loan provided by BMO Bank.

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The Vernola Marketplace Apartments property was completed in 2022 at 6770 Pats Ranch Road. It’s along Interstate 15 just north of 68th Street and down the road from the 16-building shopping center known as Vernola Marketplace. The rental housing features a swimming pool, a fitness center, a clubhouse, a dog park, a playground, EV charging stations, a game room, three outdoor kitchens, and a soccer field.

Clint Darby and Andrew Remenschneider at Greystone originated the financing. It’s the first transaction between Greystone and Bridge Investment Group.

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.