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| 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 | www.hfflp.com
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