Los Angeles—HFF announced today that it has arranged refinancing totaling more than $17 million for six multi-housing properties in the Los Angeles metropolitan area on behalf of Century City-based Universe Holdings.
HFF worked on behalf of the borrower to secure the seven-year, fixed-rate loans through Freddie Mac. Rates range from 3.88 to 4.11 percent. All of the loans are securitized and will be serviced through HFF’s Freddie Mac Program Plus® Seller/Servicer Program.
The portfolio totals 118 units and has an average occupancy of 98 percent. The properties within the portfolio are: Chateau Barry, Chateau Olympic, Chateau Parkside, Chateau Sycamore, Citronia Luxe Towers and Islands of Tranquility, all located in Los Angeles.
According to Manoucheri, “We have forged a close relationship with HFF from more than 20 successful closings and value their strategic contributions to our business model, including this recent recapitalization which provided Universe with ample capital to aggressively source and purchase new deals.”
Tricap grabs Indiana asset for $11.3M
Hobart, Ind.—Marcus & Millichap has arranged the sale of Hampshire Park Apartments, a 186-unit community located in Hobart, Ind. The $11.3 million sales price equates to $60,484 per unit. Scott Harris, senior vice president investments in Marcus & Millichap’s Chicago Oak Brook office, represented the seller, a private investment company in Merrillville, Ind. The buyer is Chicago-based Tricap Residential Group.
“Hampshire Park Apartments is the premier apartment community in Hobart,” says Harris. “It is a well-maintained, well-located apartment community that produces generous returns.”
Built in 1972 on just fewer than 20 acres, the property is located at 400 North Lake Park Ave. in Hobart adjacent to open prairie and near parks, lakes and outdoor recreational areas. The historic Hobart lakefront district, located in downtown Hobart on Lake George, is fewer than one mile from the property.
There are eight different floor plans, each with a private balcony or patio and every building has a coin-operated laundry facility and storage space for every unit. The property also has a swimming pool with sundeck and a clubhouse with multiple bar/lounge areas, a kitchen and a dining area.
Arbor funds two loans under Fannie Mae’s DUS program
Modesto, Calif.—Arbor Commercial Funding LLC recently announced the funding of Stonebridge Apartments located in Modesto, Calif.
The 286-unit multifamily property received $16.75 million funded under the Fannie Mae DUS Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property provides residents with a swimming pool, spa, clubhouse, playground and laundry room.
Arbor also funded Hahn Triplexes, also in Modesto. The 33-unit multifamily property received $3 million funded under the Fannie Mae DUS Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
Both loans were originated by Jay Porterfield, vice president in Arbor’s Plano, Texas, office.