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MIRA LOMA, CA-The owners of Homecoming at Eastvale Phase II, a newly constructed 288-unit property in the Inland Empire, have secure $43.5 million in refinancing for the complex, according to CharterMac Mortgage Capital. The deal represented a cash-out to maximize leverage on the property, CharterMac says.

The loan, which bears an interest rate of slightly more than 5%, closed within 45 days from time of application and was funded via the Fannie Mae DUSTM program. The loan was originated by Andy Mackay in CharterMac Mortgage’s Irvine office.

CharterMac notes that the Eastvale complex, at 5464 W. Homecoming Circle, enjoys a location in an Inland Empire multifamily market that is one of the top performers in the nation. As more businesses are relocating to the Inland Empire from the high cost areas of Los Angeles and Orange County, potential homeowners are being priced out of the housing market, driving demand for rental units in the area, explains Daryl Carter, CEO for CharterMac Mortgage Capital.

Carter cites statistics from CB Richard Ellis showing that land prices have increased more than 200% over the past 10 years in the area where the Eastvale project was built. Coinciding spikes in home prices have caused a precipitous drop in affordability, with only about one-quarter of area residents able to afford the median priced home, the CBRE report says.

The Homecoming at Eastvale development is part of a three-phase, 738-unit complex. It includes townhouses of one to three bedrooms, along with some two-bedroom apartments. Units range from 1,103 sf to 1,702 sf, with rents starting at $1,350, and each unit features an enclosed garage.

Recreational amenities are shared among the three phases. They include a clubhouse with kitchen, a theater, a fitness center, a playground, a kids club, a business center, a half-court basketball court and tennis courts.

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