Monday, December 17, 2012

HFF arranges more than $56 million in refinancing for nine-property Southern California multi-housing portfolio

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. 

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. 


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 | 

Cushman & Wakefield Brokers $27,825,000 Sale of Jacksonville Freedom Commerce Center

Jacksonville Freedom Commerce Center

JACKSONVILLE, FL -- The Capital Markets Group of Cushman & Wakefield of Florida, Inc. announced today that it has finalized the sale of the Jacksonville Freedom Commerce Center office park, a seven-building, 752,154-square foot suburban office park located at the southwest quadrant of Baymeadows Road and I-95 in Jacksonville, Florida.

Karl Johnston
 The property, previously owned by LNR Partners, Inc., was purchased by Crocker Partners, LLC, a private capital company based in Boca Raton, Florida. 

Karl Johnston, Senior Director, along with Mike Davis and Rick Brugge of Cushman & Wakefield’s Capital Markets Group handled the transaction for LNR Partners, Inc.

Mike Davis
"The Jacksonville Freedom Commerce Center is one of the premier suburban office parks in the Jacksonville area," said Johnston, Senior Director with Cushman & Wakefield's Jacksonville office.
Rick Brugge

"While the buildings were only 38% occupied, there was significant upside potential with the future lease-up of vacant space to create substantial value. This value-add upside potential was a key factor in driving investor interest in the deal."

Originally developed in by Koger Equities in 1988 to 1998, the Jacksonville Freedom Commerce Center is anchored by ING, J.P. Morgan, and the GSA.