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10/24/19
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Newport Beach-based Olen Properties has obtained $567 mil in funding for the recapitalization of a portfolio of multifamily properties located in Florida, Georgia and Nevada. Don Curtis, Hunter Curtis and Taylor Curtis with Granbridge originated the transaction on behalf of Olen.
Collectively, the 11, Class A, garden-style communities are comprised of just under 3,300 market-rate one-, two- and three-bedroom rental units. The portfolio is comprised of seven properties in the Las Vegas MSA, three properties in South Florida, and one property in the Atlanta MSA.
The loan package is comprised of individual long-term fixed rate first mortgages and features interest-only periods followed by 30-year amortization and low-three percent interest rates. The loans exceeded 70% of the portfolio’s capitalized value and provided a historical cash-out refinance to the borrower.
The properties are estimated to achieve a 30% reduction in water and energy consumption through green improvements. “Our client really wanted to ‘go green’ with this refinancing and the properties’ vintage made them perfect candidates for green financing,” said Don Curtis.
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