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Mike Farley & Tyler Pruett Secure $128 Million Refinance Loan For Multifamily Assets In CA & AZ

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FINANCED
$128,000,000

California

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MultiFamily2,799,928 SF
Financed 07/08/2024
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FINANCED

Mike Farley & Tyler Pruett Secure $128 Million Refinance Loan For Multifamily Assets In CA & AZ

13933 Chagall Court, 2270 Cahuilla Street, 1333 Reche Canyon Road & 6565 West Bethany Home Road

See Similar Deals
MultiFamily2,799,928 SF
Financed 07/08/2024
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Summary

CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$45
Total Square Footage:2,799,928 SF
Transaction Type:Loan

The transaction involves a multifamily asset comprising 874 units across four locations: 13933 Chagall Court in Moreno Valley, CA; 2270 Cahuilla Street in Colton, CA; 1333 Reche Canyon Road in Moreno Valley, CA; and 6565 West Bethany Home Road in Glendale, AZ. The total square footage amounts to 699,982. The lender for this transaction is Fannie Mae, with the loan type classified as a refinance and the loan amount set at $128,000,000, carrying a five-year fixed term.

Summary of transation details:

  • Property Type: Multifamily
  • Transaction Amount: $128,000,000
  • Units: 874
  • Square Footage: 699,982
  • Address: 13933 Chagall Court, 2270 Cahuilla Street, 1333 Reche Canyon Road & 6565 West Bethany Home Road
  • Market: Moreno Valley, CA; Colton, CA & Glendale, AZ
  • Lender: Fannie Mae
  • Landlord: Mike Farley & Tyler Pruett - Tower 16 Capital Partners
  • Brokers: Peter Griesinger & Christopher Kramer - Newmark
  • Loan Terms: Five-year Fixed

The key individuals involved in this transaction include Mike Farley and Tyler Pruett from Tower 16 Capital Partners, who serve as the landlords. The brokers representing the deal are Peter Griesinger and Christopher Kramer from Newmark, indicating a strategic collaboration in executing this multifamily refinance transaction.

Players

Christopher (Chris) Kramer
112 deals$21.8B volume(212) 850-5472
BROKER

Peter Griesinger
CBRE
8 deals$2.1B volume(212) 656-0587
BROKER

Fannie Mae
LENDER

Details

FINANCED
IMAGE: Mike Farley, Tyler Pruett, Peter Griesinger & Christopher Kramer DATE: 07/08/2024 ADDRESS: 13933 Chagall Court, 2270 Cahuilla Street, 1333 Reche Canyon Road & 6565 West Bethany Home Road MARKET: Moreno Valley, CA; Colton, CA & Glendale, AZ ASSET TYPE: Multifamily ~ UNITS: 874 ~ SF: 699,982 LENDER: Fannie Mae (@OfficialFannieMae) LANDLORD: Mike Farley & Tyler Pruett (@TylerMPruett) - Tower 16 Capital Partners BROKERS: Peter Griesinger & Christopher Kramer - Newmark (@Newmark) LOAN AMOUNT: $128,000,000 LOAN TYPE: Refinance LOAN TERMS: Five-year Fixed

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$128,000,000.00

Monthly NOI$853,333.33
Monthly Debt Service$809,047.07
Change in Cash Flow$0.00
Refinance Proceeds$0.00