Venue at Orange to be Redlands’ First Multifamily in Three Decades

Preferred equity and construction financing of $93 million was recently arranged for the development of Venue at Orange, a 328-unit garden-style multifamily complex at 1600 Orange Ave. in the San Bernardino County community of Redlands, CA. Venue at Orange will be the first new multifamily development in Redlands in more than 30 years and is also one of the largest on 21.84 acres. It has an expected completion of late 2022, and there are no additional entitled sites designated for multifamily in the Redlands market.

Aldon Cole and Bharat Madan of JLL worked on behalf of the borrower, LuxView Properties, to secure the five-year $66.8 million floating-rate loan through Principal Real Estate Investors. Additionally, JLL sourced $26.2 million in preferred equity from a public REIT.

Venue at Orange will offer a mix of one-, two- and three-bedroom units averaging 944 square feet.

Redlands is a growing community that has a strong local employment outlook. The project is minutes from the forthcoming Esri station for the Redlands Passenger Rail regional project.