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5/01/17
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Universe Holdings has secured $23.4 mil in new financing for The Lodge at Porter Ranch, a 148-unit apartment community in the San Fernando Valley community of Northridge. The company plans to use the refinancing to complete additional improvements at the property, reward investors and fuel new investments.
Originally built in 1979, The Lodge at Porter Ranch was acquired by Universe Holdings in 2004. The property offers a mix of one-bedroom, two-bedroom and three-bedroom floor plans ranging from 600 sf to 1.1k sf.
The unit interiors were renovated and modernized by Universe Holdings in 2013 and now feature laminate floors, new appliances and modern designer cabinetry among other contemporary upgrades. Along with the renovated apartment interiors, the property offers a swimming pool and spa, fitness center, and private balconies.
The new financing for the property, which was appraised at $36 mil, was arranged by Charles Halladay with HFF and funded through Freddie Mac. The 10-year loan is structured with interest-only payments for the first five years.
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