IRVINE, CA – HFF announced today that it has arranged a $17.4 million refinancing for Nantucket Creek (top left photo), a 172-unit seniors housing community in Chatsworth, California.
HFF worked on behalf of Universe Holdings Development Company to secure the 10-year, 3.88 percent, fixed-rate loan through Freddie Mac.
The financing replaces the property’s senior note that was originated in 2004 when Universe Holdings acquired the property from the original developer.
The loan will be securitized through Freddie Mac’s CME Program and HFF will service the loan through its Freddie Mac Program Plus® Seller/Servicer program. In a separate transaction, existing mezzanine participating debt was paid off and Universe Holdings now owns the property outright.
Nantucket Creek is located at 9225 East Topanga Canyon Boulevard in northwest San Fernando Valley in greater Los Angeles.
The 98.5 percent leased property is situated on 13.53 acres of land and has one-bedroom, one-bath units throughout.
Community amenities include gated access, recreation room, clubhouse, library, fitness center, swimming pool, billiards room, shuffle board court and tennis courts.
The HFF team representing Universe Holdings Development Company was led by director Charles Halladay (top right photo).
“We are very pleased with the positive outcome and the timing of this transaction. Our investors managed to improve their equity and cash flow position by participating in an orchestrated effort that concluded the complicated transaction on the day both loans were due,” commented Henry Manoucheri, chairman and CEO of Universe Holdings.
Universe Holdings Development Company is a private real estate investment firm that is aggressively purchasing multi-family properties throughout Southern California with an interest in rapidly growing their portfolio.
Contacts:
CHARLES W. HALLADAY
Ca. Lic. #01756300
HFF Director
(949) 253-8800
KRISTEN M. MURPHY
HFF Associate Director, Marketing
(713) 852-3500
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