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6/30/16
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Universe Holdings has completed the refinancing of seven SoCal multifamily properties encompassing 559 units in transactions totaling $124.8 mil in gross value. The strategic refinancing program generated $15 mil in proceeds for new acquisitions and asset improvement programs.
Nantucket Creek, Chatsworth |
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“Universe is targeting up to $100 mil in new acquisitions this year, and is focused on positioning our portfolio of long-term hold properties to set a foundation for continued growth,” said Henry Manoucheri, founder and CEO of Universe. “The $15 mil in proceeds alone from these strategic refinancing transactions enables us to look at acquiring more than $50 mil in new properties. We are now actively prioritizing new investment opportunities in Southern and Northern California’s top urban, suburban and coastal high density residential markets.”
Charles Halladay of HFF structured the loans on behalf of Universe through Freddie Mac. The loans were secured through HFF’s Freddie Mac Program Plus® Seller/Servicer Program and Sabal Financial’s Freddie Mac Small Balance Program.
The refinanced properties include:
• Isles of Charm: Los Feliz - 50 Units
• Nantucket Creek: Chatsworth - 172 Units + 10 acres
• Chateau Lakeside: Van Nuys - 53 Units
• Chateau Woodley Hart: Van Nuys - 82 Units
• Chateau Regent: North Hollywood - 52 Units
• Chateau Spring Terrace: La Mesa - 56 Units
• Chateau Spring Hill: La Mesa - 94 Units
Universe Holdings has built a portfolio of apartment communities totaling more than 2000 units throughout Southern California’s urban, suburban and coastal submarkets for high density residential. The company’s current portfolio includes properties in West Los Angeles, Hollywood, Inglewood, Long Beach, San Diego, the San Fernando Valley and the Inland Empire.
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