Optimus Properties Lands Refi for 3 Seattle-Area Assets
- Nov 12, 2019
Optimus Properties has received $18 million in loans to refinance three of its properties in Seattle, an area fueled by a healthy economy and robust population growth. George Smith Partners has arranged all three financing deals, which resulted in the return of roughly $3 million in initial equity.
Greystone provided Optimus with a $6 million non-recourse loan for a 43-unit community, at a fixed rate of 4.04 percent for 10 years and a 70 percent leverage. In recent years, Optimus completely renovated the property’s exterior and upgraded more than one-quarter of the units. Greystone also provided Optimus with a $7 million non-recourse loan for a mixed-use property consisting of 46 residential units and more than 5,300 square feet of retail space. The loan has a fixed rate at 3.5 percent for five years and provides a 65 percent leverage.
Umpqua Bank provided Optimus with a roughly $5 million non-recourse loan for a 40-unit property. The financing has a fixed-rate rate at 3.85 percent for five years. Over the past three years, Optimus has renovated the community by upgrading the common areas, as well as half of the units.