X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LOMA LINDA, CA-Oasis Townhomes LLC, the owner of the Oasis Apartments at 25590 Prospect Ave. obtained $25.1 million in permanent financing for the 414-unit property.

Barry Petro of L.J. Melody & Co., who arranged the loan, tells GlobeSt.com that the seven-year loan was granted at a 63% loan-to-appraised value ratio and is a 6.15% interest-only loan for the entire term. Melody provided the funding and subsequently sold the loan to Freddie Mac.

Petro tells GlobeSt.com the property was built from December 1991 to August of 1993 in two phases and consists entirely of two-bedroom and three-bedroom units. It comprises 186 two-bedroom, two-bath units of 1,000 sf each, 150 two-bedroom, two-and-a-half bath units of 1,025 sf each, and 78 three-bedroom, two-bath units of 1,250 sf. Each unit has its own detached garage.

The development consists of 57 buildings occupying 29 acres. It was 98% occupied at the time of the refinancing, with rents ranging from $920 to $1,100.

Houston-based Melody is a company of CB Richard Ellis. It has arranged $15 billion in commercial real estate transactions nationwide over the past two years.

The Oasis property is about half a mile from Loma Linda University, known for its medical research and for related health care facilities in Loma Linda, which is a city of about 20,000 in Riverside County. The city has made an effort in recent years to build upon this reputation by attracting health care-related companies, along with other business development such as office parks and shopping centers.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.