Greystone Provides $81M Refi for SoCal Multifamily Project
By Greg Cornfield March 5, 2024 3:40 pm
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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.
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.
