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| Charles Halladay |
IRVINE,
CA – HFF
announced today that it has arranged refinancing totaling more than $56 million
for nine multi-housing properties in the Los Angeles and San Diego metropolitan
areas on behalf of Universe Holdings Development Company.
HFF worked on behalf of the borrower to secure the 10-year, fixed-rate loans
through Freddie Mac (Federal Home Loan Mortgage Corporation). Rates range
from 3.74 to 4.08 percent. All of the loans are securitized and will be
serviced through HFF’s Freddie Mac Program Plus® Seller/Servicer Program.
The portfolio totals 536 units and has an average occupancy of 98
percent. Individual property details and loan amounts are listed below:
Property Name
Location Size
Loan Amount
Chateau Alto
Nido
Apartments
Los Angeles, 44
Units, $4.725 million
Chateau Lakeside
Apartments
Van Nuys, 53
Units, $6.750 million
Chateau Regent
Apartments
North Hollywood, 51
Units, $5.404 million
Chateau
Woodley-Hart
Apartments
Van
Nuys, 82
Units, $9.674 million
Isle of Charm
Apartments
Los
Angeles, 50 Units, $5.330 million
The Hills at Spring Street
Apartments La
Mesa, 94
Units, $7.336 million
The Hollywood at
El Cerrito
Apartments
Hollywood, 50 Units, $4.132 million
The Terraces at
Spring
Street
La Mesa, 56
Units, $5.428 million
Villa Del Sol
Apartments
Long
Beach, 56
Units, $7.450 million
The HFF team representing Universe Holdings Development Company was led by
director Charles Halladay.
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| Henry Manoucheri |
“We are very pleased with the excellent execution of these
assignments in a timely manner by the HFF team. This has created a new
stream of cash flow for our company and investors and we have a war chest of
new cash to deploy on opportunistic acquisitions,” said Henry Manoucheri,
CEO and Chairman of Universe Holdings.
Universe Holdings Development Company is an experienced operator of multifamily
apartments, with more than 80 cumulative years of experience owning, managing,
and renovating Class B multifamily properties in Southern California.
Universe Holdings Development Company has acquired 4,500 units of multifamily
real estate in Southern California since its inception in 1994.
Contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |
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