San Bernardino Apartment Project Lands Financing

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.