$46M Bridge Loan Refinances Newly Built Moreno Valley Apartments
Dwight Mortgage Trust has provided a $46-million bridge refinance for Villa Annette, a newly constructed, 220-unit garden-style apartment community in Moreno Valley. The transaction was originated by Andrew Tichy on behalf of repeat client Robert Lattanzio of Latco Enterprises.
Loan proceeds will be used to retire existing construction debt, cover closing costs, and repatriate equity to the borrower. Villa Annette comprises 14 two- and three-story buildings, offering a mix of one-, two-, and three-bedroom apartments and a variety of community amenities.
The property is well-positioned within the Inland Empire, offering direct access to major regional corridors via State Route 60 and Interstate 215, according to Dwight Mortgage Trust. Residents benefit from convenient connectivity to Riverside, Los Angeles, and Orange Counties to the west; the San Bernardino Valley to the north; the San Jacinto Mountains and San Diego corridor to the south; and the Coachella Valley and San Gorgonio Pass to the east.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout