Lewis Adds $13M of Financing for Apartments

IRVINE, CA-Lewis Operating Corp. has arranged $13.27 million in new financing for the Upland, CA-based company’s Homecoming at Terra Vista multifamily project, bringing the total of financing for the apartment complex to $100.72 million, according to the local office of Holliday Fenoglio Fowler. The Orange County office of HFF secured the $13.27 million in financing for the third phase of Homecoming at Terra Vista, a class A development in which the third phase includes 80 units that were completed in 2007.

According to HFF senior managing director Don Curtis, the new financing is a 14-year fixed-rate loan with Freddie Mac. HFF arranged the financing for the previous two phases of the property in 2005 and 2007 through Wachovia Multifamily Capital.

The 503-unit Homecoming at Terra Vista project is one of a series of Homecoming apartment developments by Upland-based Lewis Operating Cos., a family of companies that includes the Lewis Operating Corp. and a number of other entities. Lewis one of the largest developers in the region, with a portfolio that also includes retail, office and industrial developments.

The Lewis Homecoming property is situated on 39.07 acres at 11660 Church St. within the master-planned community of Terra Vista in Rancho Cucamonga. Homecoming at Terra Vista features 15 different floor plans ranging from one to three bedrooms in apartment, townhouse and villa designs. Units average 1,050 sf—each with full-size washer/dryers, walk-in closets and attached garages. Community amenities include a pool, fitness center, a children’s play area, a business center, a theater, a game room and a library.