LuxLiv @ Tyler Supports New Owner’s Repositioning Strategy
LuxLiv @ Tyler, a 62-unit multifamily property located at 3901 Dawes St. in Riverside, recently sold for $23 million. The property was purchased from 3901 Dawes St. Riverside LLC and the buyer was undisclosed.
Northmarq’s Kyle Pinkalla and Erik Anderson represented the seller and sourced the buyer in the transaction.
“This transaction exemplifies the strength of the Inland Empire market and will support the new owner’s repositioning strategy to allow for the property to compete for some of the highest rents in the area,” said Pinkalla.
NorthMarq’s Wyatt Campbell and Eric Flyckt arranged the non-recourse interest-only bridge loan with one of NorthMarq’s correspondent insurance companies.
“We presented this deal to multiple lenders. The insurance company was selected as they offered a rate close to 3 percent and their other terms were very competitive.” said Campbell. “In addition to providing the buyer with over 75 percent of the initial purchase price, the loan will fund 100 percent of the buyer’s renovation budget.”