Churchill Provides $55 Million Loan on Moreno Valley Multifamily Project

Source: Real Estate Weekly— 

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.