Lyon Living Wins $388M Refi for Western Portfolio

Located in California and Colorado, the seven communities comprise 2,152 units.

Autumn-Chase-Apartments-Highlands-RanchNewport Beach, Calif.—Lyon Living has obtained more than $388.4 million in financing for a seven-property multi-housing portfolio totaling 2,152 units in Orange County, Calif., and Colorado. HFF facilitated the deal.

The portfolio includes six properties in California: Trabuco Highlands in Trabuco Canyon (184 units); The Vineyards in Anaheim (304 units); The Arbors in Lake Forest (328 units); Sedona in Placentia (240 units); Monarch Coast in Dana Point (418 units); Capistrano Pointe in San Juan Capistrano (274 units). It also includes a property in Colorado: Autumn Chase in Highlands Ranch (pictured; 404 units).

HFF worked on behalf of Lyon Living to secure the financing in seven separate loans placed with Freddie Mac’s CME Program, and will service the securitized loans. HFF’s debt placement team was led by senior managing director Charles Halladay, associate Sebastian Trujillo and real estate analyst Lauren LaFever.

Loan proceeds were used to refinance expiring debt on the properties, with each loan carrying a fixed-rate term of 10 years with a minimum of five years of interest-only payments. The portfolio is currently about 94 percent occupied overall.

Lyon Living is an apartment specialist based in Newport Beach, Calif. Currently the company owns about 8,770 units in 39 properties in California, Colorado, Georgia and Florida. It is at work on developing the 340-unit The George in Anaheim and the 1,185-unit The Fields in Milpitas, Calif., which also has a hotel component.