Monday, August 8, 2016

Universe Holdings Acquires Controlling Interest of $41 Million Acacia Park Apartment Community in San Bernardino, CA

Henry Manoucheri
Los Angeles, CA – Universe Holdings (Universe), a privately-held multifamily real estate investment firm, has acquired controlling interest and full ownership of the Acacia Park apartment community in San Bernardino, California from its special service partner following a strategic recapitalization structured by HFF.

The asset, today valued at $41 million, is now positioned for long-term hold after Universe fulfilled its obligations to its original lenders and equity partners.

“Universe Holdings prides itself on its long-term commitment to its assets, lenders, partners and investors. 

"Our platform has proven its ability to weather the ups and downs of market cycles through astute investments, hands on management and financial ingenuity,” said Henry Manoucheri, Founder and CEO of Universe.

“Acacia Park is an asset that was severely impacted by the recession in 2009. We worked diligently with the special servicer assigned to the property at that time to craft a plan that would allow Universe to operate the asset through the crisis.

“This plan and continued collaboration resulted in a financial outcome that returned in full to our original CMBS lenders on the property while securing 100 percent ownership of a prime asset in our portfolio.”

Charles Halladay
Universe Holdings was represented in the transaction by an HFF team led by Mr. Charles Halladay. Universe acquired Acacia Park with a substantial new privately raised equity commitment paired to a 10-year fixed rate loan through Freddie Mac.

The strategic recapitalization was the culmination of a nearly six year turnaround plan developed for an asset hit hard by vacancies and declining rents during the financial and housing crisis of the late 2000s.

Universe Holdings, working with special servicer LNR Partners, developed a structured plan to stabilize Acacia Park, maintain debt service while transferring some principal to equity, and manage the asset forward to a final resolution through sale or refinance by August 2016.

This plan allowed Universe to return Acacia Park to 95 percent occupancy with significant improvement in rents and cash flow, raising the property’s appraised value from $22.5 million in 2009 to $41 million in today’s market.

  For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |

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