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Tower 16 Refis Apartments in Inland Empire, AZ for $128M
San Diego-based Tower 16 Capital Partners closed on a $128-million refinancing of a four-property multifamily portfolio comprising nearly 1,000 units across the Inland Empire and suburban Phoenix. The new fixed-rate agency loans feature five-year terms, are un-crossed and are full-term interest-only at a rate of 5.69%.
The Fannie Mae agency loans were originated by Newmark’s Peter Griesinger and Chris Kramer. The portfolio included: Ardella on Chagall, a 384-unit property in Moreno Valley; Ardella on 67th, 276 units in Glendale, AZ; Ardella at Reche Canyon, 104 units in Colton; and Ardella at Reche Ridge, 110 units in Colton.
“We have been starting to see apartment demand fundamentals firm up across our entire portfolio,” said Tower 16 co-founder Tyler Pruett. “We have been able to start pushing rents and manage occupancy at a healthy level, which is great to see. In this capital markets climate, we felt that it was prudent to hold and continue focusing on the operations that we can control to further drive NOI growth and value.”
- ◦Financing
