Tower 16 Capital Partners, a San Diego-based real estate investment firm, recently completed a $128 million refinancing deal for their four-property multifamily portfolio in the Inland Empire and suburban Phoenix areas. The portfolio consists of nearly 1,000 units.
The new loans are fixed-rate agency loans with five-year terms and full-term interest-only payments at a rate of 5.69%. These un-crossed loans were originated by Peter Griesinger and Chris Kramer from Newmark.
The properties included in the portfolio are Ardella on Chagall (384 units) located in Moreno Valley; Ardella on 67th (276 units) located in Glendale, AZ; Ardella at Reche Canyon (104 units) located in Colton; and Ardella at Reche Ridge (110 units) also located in Colton.
According to Tyler Pruett, co-founder of Tower 16 Capital Partners: “We have seen an increase in demand for apartments across our entire portfolio. As a result, we have been able to raise rents while maintaining healthy occupancy levels. Given the current state of capital markets, we decided it was best to hold onto these properties and focus on driving NOI growth through strong operations.”
