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Inland Empire Multifamily Duo Trades for $41M
CBRE finalized the $41.1-million sale of two Inland Empire multifamily communities: Springbrook Park Apartments, a 120-unit property located at 1100 N. Orange St. in Riverside, and Mayfield Park Apartments, an 83-unit property located at 345 W. 41st St. in San Bernardino. The firm’s Eric Chen, Blake Torgerson and Kevin Sin represented both the buyer and seller.
Ryan Wilkinson with CBRE’s Debt & Structured Finance team arranged $22.8 million in acquisition financing and a $12-million cash-out refinance for the buyer’s existing asset, The Oliver. The combined financing totaled $34.8 million and allowed the buyer to complete the acquisition with just $6.3 million in out-of-pocket capital.
“This integrated approach demonstrates CBRE’s ability to deliver seamless execution and maximum value for our clients,” said Chen. “Bringing Springbrook Park and Mayfield Park to market for the first time in more than 50 years required a nuanced strategy, and we’re proud to have achieved a successful closing.”
- ◦Sale/Acquisition
