NorthMarq arranges sale and financing of LuxLiv @ Tyler in Riverside, California
SAN DIEGO, CALIFORNIA (June 22, 2021) – The San Diego Investment Sales team, consisting of Managing Director Kyle Pinkalla and associate Vice President Erik Anderson, arranged the $23 million sale of LuxLiv @ Tyler, a 62-unit multifamily property located at 3901 Dawes Street in Riverside, California. Pinkalla and Anderson represented the seller and sourced the buyer in the transaction as well.
“This transaction exemplifies the strength of the Inland Empire market and will support the new owner’s repositioning strategy to allow for the property to compete for some of the highest rents in the area,” said Pinkalla.
The San Diego debt and equity team of Wyatt Campbell, Vice President and Eric Flyckt, Managing Director/SVP, arranged the non-recourse, interest-only, bridge loan with one of NorthMarq’s correspondent insurance companies. “We presented this deal to multiple lenders. The insurance company was selected as they offered a rate close to 3 percent and their other terms were very competitive.” said Campbell. “In addition to providing the buyer with over 75 percent of the initial purchase price, the loan will fund 100 percent of the buyer’s renovation budget.”
The property was purchased from 3901 Dawes St Riverside, LLC, and the buyer is undisclosed.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
