Inland Empire based – Fairbrook Communities landed $55 million in construction financing from Churchill Real Estate for the development of Crystal Cove – a 192-unit multifamily project located on the southwest corner of Alessandro Blvd and Lasselle Street in Moreno Valley, CA.
New York-based, Churchill Real Estate, originated the non-recourse loan with a maximum term of 48 months. The loan closed at the end of September.
The Project is conveniently located within the new Downtown City Center of Moreno Valley and within a five-minute drive to major employers such as the UCR Regional Medical Center, Kaiser Hospital, and the World Logistic Center where 40 million square feet of logistics space is under development.
Crystal Cove will consist of 84 one-bedrooms units, and 108 two-bedrooms units, in addition to a common clubhouse featuring a fitness center and lounge. The property will offer additional amenities including a pool, BBQ areas, dog run, and EV charging ports. Construction is anticipated to commence by year-end with an anticipated completion date of summer 2024.
“This transaction aligns well with Churchill’s investment thesis of financing cost-effective housing in growth markets across the U.S.” – Sean Robertson, Co-Head of Originations at Churchill Real Estate “Moreno Valley is one of fastest growing submarkets within the Inland Empire and we believe Crystal Cove is well-positioned to capture this demand.”– Sean Robertson (Churchill Real Estate)
“Contrary to most of California, the Moreno Valley market has experienced positive population growth, registering as the 5th largest recipient of net migration in the USA, as people look for more space, a more accessible cost of living, and a better quality of life” – Jeff Rosenfeld, Co-Head of Originations at Churchill Real Estate “The demand however has not been met by the existing housing supply as evidenced by 30% year-over-year increase in home prices. This supply imbalance and continued growth presents a compelling opportunity for multifamily development, and we are excited to work with one of the most
active emerging developers in the market.” – Jeff Rosenfeld (Churchill Real Estate)
For Churchill, this deal further solidifies their national footprint. The credit fund is on track to tally over $1 billion worth of multifamily construction loans originated this year. Churchill’s co-heads of originations Sean Robertson and Jeff Rosenfeld, report to managing partners, Sorabh Maheshwari, Justin Ehrlich, Travis Masters, and Derrick Land.