Capital Foresight has received a $166.5 million HUD 223(F) refinancing loan for seven communities, totaling 1,154 units, located in Fontana, Indio, Long Beach, Ontario and San Bernadino, Calif. Dwight Capital closed the loan on behalf of the borrower. Managing Director Kevin Lifshitz with Jack Tawil originated the transaction.
The seven communities
The 11-building, two-story Aventerra Apartments I and II is a 272-unit community that comprises of one-, two- and three-bedroom apartments, averaging 835 square feet. Citrus Breeze is a 52-unit, two-story community, spanning across four buildings on a 2.3-acre site and encompasses one- and two-bedroom apartments, averaging 787 square feet. Both properties are located at 8555 Citrus Ave. in Fontana, approximately 14 miles from downtown San Bernadino and 3 miles from Auto Club Speedway. Dining and retail options are available in the surrounding area, along Citrus Drive and Arrow Boulevard.
Encanto Apartments is a 272-unit, two-story community, spanning across 28 buildings on a 13.3-acre site and encompasses one-, two- and three-bedroom apartments, averaging 638 square feet. Located at 46725 Clinton St. in Indio, the property has convenient access to State Route 111.
SeaPointe Villas is a 72-unit community that comprises of one-, two- and three-bedroom apartments, averaging 994 square feet. The property is located at 1380 Village Way in Costa Mesa, only 6 miles from Huntington Beach and 38 miles from Los Angeles.
Tuscany Apartments is a 328-unit, two-story community, spanning across 38 buildings on a 15.4-acre site and encompasses one- and two-bedroom apartments, averaging 785 square feet. Located at 2225 East Pumalo St., the property is 4 miles from downtown San Bernadino and has access to Martin A. Matich Highway.
The 21 two-story buildings at Woodmere Apartments comprise 168 units in one- and two-bedroom floorplans, averaging 886 square feet. The property is located at 910 West Phillips St. in Ontario, in between Los Angeles and San Bernadino.
The interiors in all communities feature balconies, patios and walk-in closets and common-area amenities include swimming pools, clubhouses, spas, fitness centers and more.
Five of the communities are green/energy efficient and five qualify as affordable housing.
According to a Yardi Matrix Report, Inland Empire’s market recovered in 2021, with $2.2 billions in sales and 1, 803 units under construction as of January 2022.