JLL Capital Markets announced that it has arranged the $24.64 million acquisition financing for Stonegate Riverside, a 160-unit, 1987 vintage, value-add, garden-style multihousing community in Riverside, California.
JLL represented the borrower, Universe Holdings, to secure the ten-year, fixed-rate loans through Freddie Mac Multifamily. The loans will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo lender.
Stonegate Riverside features studio, one- and two-bedroom units with spacious kitchens, stainless steel appliances, vinyl plank flooring, over-sized patios or balconies, walk-in closets and an average size of 801 square feet. Communities include a spa, pool, playground, business center, picnic area, fitness center and dog park.
Situated at 6506 Doolittle Ave., Stonegate Apartments allows residents access to over 1.9 million jobs in the Inland Empire and benefit from proximity to five major freeways (60, 91, 10, 15, 215) that put millions of jobs in Orange County and Los Angeles County within manageable commute times.
“With its strong population growth, growing job opportunities and affordable cost of living, the Inland Empire checks all the boxes when it comes to demand drivers we look for in a new market,” said Universe Founder and CEO Henry Manoucheri. “The market’s relative affordability is one of several key factors that we value in this market.”
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Charles Halladay, Director Jonah Aelyon and Analyst Jolie Zhou.
JLL delivers multihousing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multihousing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.