Meridian Capital Group has arranged $41 million in acquisition financing for Alvista Canyons Apartments in Riverside, California, and $81 million in acquisition financing for Parkview Terrace Apartments in Redlands, California, on behalf of Afton Properties, according to a release from a representative of Meridian Capital Group.
The release says the 10-year Fannie Mae and Freddie Mac loans, provided by Capital One Multifamily Finance, each feature full-term interest-only payments and were negotiated by Meridian senior managing director Seth Grossman, and VP Sarah Kuebler, who are both based in the company’s Southern California offices.
Alvista Canyons, located at 600 Central Avenue in the Canyon Crest neighborhood of Riverside, is described in the release as a garden-style community comprising 36 two-story buildings that feature 288 spacious one-, two-, and three-bedroom units. Select apartments have been upgraded to offer amenities including vinyl plank flooring, ceiling fans, French doors, and new plumbing and lighting, with the remainder of the units representing a value-add opportunity. Common amenities include a fitness center, four swimming pools, three spas, onsite laundry facilities, private parking, and a sports court.
Parkview Terrace at 1601 Barton Road in Redlands is described in the release as consisting of 588 one- and two-bedroom apartments. The units feature washers and dryers, central air conditioning and heating, private patios and balconies, and walk-in closets. The statement says common amenities include a fitness center and clubhouse, three swimming pools and spas, sports courts, and a barbeque area. The community offers another value-add opportunity to upgrade the unit interiors.
The statement also says Redlands and Riverside are located approximately 10 miles from San Bernardino, California and that both properties are located near reputable schools, recreational parks, and retail.