Two Riverside Multifamily Communities Score Refinancing Deals

The assets were both built in the 1950s and are fully occupied.

Riverside, Calif.—Two multifamily communities in the Inland Empire were recently refinanced with the help of Hunt Mortgage Group. The commercial real estate company worked on behalf of the Aleksandar and Brankica Nadazdin-backed borrower to provide two loans totaling $5.9 million. The two properties are both located in Riverside, Calif. and total 80 units.

Mt. Vernon Manor Apartments
Mt. Vernon Manor Apartments

Located at 7410 and 7450 Mount Vernon St., Mt. Vernon Manor Apartments is a 50-unit community that consists of six, two-story buildings. Built between 1954 and 1958, the asset is currently fully leased. Residents have access to an amenity package that includes laundry facilities, 10 parking garages and a swimming pool.

The second property is Potomac Apartments, also in Riverside. Located at 7467 Potomac St., the 30-unit multifamily community was built in 1955. Occupying a 0.9-acre plot of land, the asset consists of five, two-story buildings, offering 10 attached garages and laundry facilities as part of its amenity package. The community is operating at 100 percent occupancy.

Both loans are 5+15 Hybrid Arm loans with a 30-year amortization period with no interest-only and stepdown option. Mt. Vernon Apartments claimed $3.9 million of the financing provided by Hunt Mortgage Group. The Inland Empire has consistently improved over the past few years, after being heavily hit by the economic downturn. A growth spurt for the industrial market has driven employment higher, while significantly cheaper housing options have also pushed demand to higher levels.

Image courtesy of Google Street View

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