Bellwether Secures $75M Refi for Luxury Inland Empire Asset
- Jul 28, 2017
Bellwether Enterprise Real Estate Capital LLC has closed two loans totaling $75 million for the refinancing the Vistara Apartments in Ontario, Calif. The company’s newly formed Irvine office arranged a $59 million permanent loan and a $16 million mezzanine loan.
The 20-year, $59 million permanent loan includes interest-only payments for two years, followed by a 38-year amortization schedule and a fixed interest rate. The five-year, $16 million mezzanine loan was arranged with interest-only payments and a fixed interest rate.
Located at 3410 E. 4th St., Vistara Apartments includes 15 three-story residential buildings totaling 298 units. The one-, two- and three-bedroom residences feature stainless steel appliances, custom cabinets, walk-in closets and quartz countertops. Property amenities include a one-story clubhouse and leasing office, a 24-hour fitness and yoga center, a resort pool and spa, three outdoor entertainment areas with televisions and barbecues, 575 parking spots and a dog wash area.
The community has easy access to interstates 10 and 15 and is close to shopping malls, popular restaurants and a concert arena.
Developer The Picerne Group broke ground on the Inland Empire property in 2014 and completed it in September 2016. U.S. Bank funded a $49 million construction loan. Managed by Legacy Partners Residential, the asset reached an occupancy rate higher than 90 percent, according to Bellwether Enterprise Executive Vice President Tom Kenny, who originated the loan together with Vice President Josh Boehling with two different life company lenders.
Images courtesy of Vistara Apartments