The District at Grand Terrace The District at Grand Terrace

Tower 16 has secured financing to renovate The District at Grand Terrace, a 315-unit apartment community in San Bernardino County. The investor recently purchased the asset for $63 million and plans to embark on an extensive renovation plan.

The renovation will include upgrades to interior units to provide new flooring, new stainless steel or black appliances, new cabinet fronts, new lighting and plumbing fixtures. Common area amenities include gated access, four pools, a modernized fitness center with state-of-the-art equipment, two laundry facilities, a playground, parcel pending package lockers and a business center.

Bill Chiles, Scott Peterson and Brian Cruz of CBRE's capital markets debt and structured Finance in San Diego arranged the bridge loan through CIT Bank on behalf of the borrower.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

Inland Empire
Multifamily
Capital Markets