CBRE Arranges $41.1 Million Sale and Strategic Financing of Two Multifamily Properties in Inland Empire

CBRE announced the $41.1 million sale of two Inland Empire multifamily communities: Springbrook Park Apartments, a 120-unit multifamily property located at 1100 North Orange Street in Riverside, Calif., and Mayfield Park Apartments, an 83-unit multifamily property located at 345 West 41st Street in San Bernardino, Calif.

CBRE’s Eric Chen, Blake Torgerson and Kevin Sin represented both the buyer and seller in the transaction.

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 only $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, executive vice president at CBRE. “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.”

Wilkinson said the financing strategy was designed to optimize leverage and liquidity for the client. “By combining tailored acquisition loans with a strategic refinance, we created a capital structure that minimized equity requirements while positioning the buyer for long-term success,” he added.

The Mayfield Park Apartment includes 11 two-story buildings situated on 3.72 acres of land. The community features two- and one-bedroom floorplans, a fully equipped kitchen and modernized bathrooms.

The Springbrook Park community is situated on a 6.79-acre lot and offers a mix of one-bedroom, two-bedroom and three-bedroom residences. The community features a central laundry facility, fitness center, playground and basketball court.

“In the current uncertain environment, this is two significant transactions underscore the importance of great fundamental for Multifamily in Inland Empire and buyer’s confidence in acquiring value add properties in good locations, the financing we arranged was unmatched in the industry,” added Chen.