News release

New multi-housing project in California’s Inland Empire capitalized

JLL Capital Markets arranged the equity and construction loan for the first new multi-housing development in Redlands in more than 30 years

November 09, 2021

Kimberly Steele

Occupier PR
+1 713 852 3420

SAN DIEGO, Nov. 9, 2021 – JLL Capital Markets announced today that it has arranged $93 million in preferred equity and construction financing for the development of Venue at Orange, a 328-unit, wood-frame, garden-style multi-housing community in the San Bernardino County community of Redlands, California.

JLL worked on behalf of the borrower, LuxView Properties, to secure the five-year, $66.8 million, floating-rate loan through Principal Real Estate Investors. Additionally, JLL sourced $26.2 million in preferred equity from a public REIT.

Venue at Orange will be the first new multi-housing development in the city of Redlands in more than 30 years. Situated on 21.84 acres in Redlands, the project represents one of the largest multi-housing development sites, and there are no additional entitled sites designated for multi-housing in the Redlands Market. Redlands is a growing community that is part of California’s Inland Empire just east of Los Angeles County. This area has a strong local employment outlook, and the project is minutes from a forthcoming ESRI station for the Redlands Passenger Rail project, an advanced regional transportation project designed to connect residents, businesses and visitors to local and regional demand drivers. 

With an expected completion of late 2022, Venue at Orange will offer a mix of one-, two- and three-bedroom units averaging 944 square feet. The community amenities will include resident conference rooms for at-home work, a large community park with trails and jogging paths, community courtyard with a planned community center, demonstration kitchen, enclosed playground, community pool and state-of-the-art gym and outdoor exercise areas. 

The JLL Capital Markets debt team that represented the borrower was led by Senior Managing Director Aldon Cole and Associate Bharat Madan.

“Venue at Orange appealed to a broad cast of investors for both senior construction financing as well as the upper-tier portion of the capital stack,” Cole said. “We ultimately landed on a senior loan plus preferred equity, which was highly accretive for the borrower to capture the value creation over the past few years. The competitive process played out as we anticipated with a great result for all parties.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.            

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About LuxView Properties

LuxView Properties was established 15 years ago and specializes in heavy rehab multifamily and commercial investments, ground-up multifamily development, ground-up coastal residential development and land assemblage and entitlement primarily focused in the southwestern United States. LuxView Properties affiliate companies include a licensed real estate brokerage, a licensed general contractor, and a property management firm with a narrowed focus strictly on company owned assets.

About Principal Real Estate Investors

Principal Real Estate Investors manages or sub-advises $96 billion in commercial real estate assets (as of June 30, 2021). The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.