The Mogharebi Group successfully arranged the sale of Loma Villas, a newly constructed 70-unit multifamily community in San Bernardino for $21.5 million to a Southern California-based private investor. Alex Mogharebi, Otto Ozen and Bryan LaBar represented the regional owner/developer seller in this transaction.
Ozen noted that they were able to demonstrate the project’s attractive pro forma rent numbers and highlight that buyers could take advantage of prearranged below-market rate loan package which generated numerous qualified offers early on while still in construction process.
LaBar further explained that due to severe winter storms and supply chain disruptions, completion of construction was delayed by several months; however, comforted by desirable in-place financing option provided by seller enabled them close at 97% list price despite time constraints posed due rising interest rates environment.
