$72M Finances Homecoming Apartments

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RANCHO CUCAMONGA, CA-The Lewis Group of Cos. has secured a $72 million loan to finance the developer's 503-unit Homecoming at Terra Vista apartment complex, according to Holliday Fenoglio Fowler. The property, which was 90% occupied at the time of the funding, is one of a series of Homecoming apartment developments by Upland-based Lewis.

Don Curtis of the Orange County office of HFF reports that the financing is a 15-year, 5.22% fixed-rate loan with Freddie Mac through Wachovia Multifamily Capital. The 80% leveraged loan, which amortizes over 30 years, is HFF's 28th transaction with Lewis and its second Homecoming deal with the borrower.

Curtis says that the borrower locked in the interest rate early with Freddie Mac while the property was in the initial phases of leasing, and with Lewis meeting the occupancy and rental requirements to lock in the rate.

The property is situated on 39 acres at 11660 Church St. in the master planned community of Terra Vista. Completed in December 2005, Homecoming at Terra Vista features 15 different one-, two- and three-bedroom apartment, townhouse and villa floor plans. Units average 1,050 sf.

Unit amenities at the complex include full-size washer/dryers, walk-in closets and one- or two-car attached garages. Community amenities include a pool, fitness center, children's play area, business center, theater, game room and library.