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3/01/24
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A long-time OC-based multifamily owner/investor has obtained $224.7 mil in financing for a six-property, 1,192-unit multifamily portfolio in Orange County. Five properties in the portfolio were refinanced in order to secure equity for the acquisition of the sixth property, the Regency Palms in Huntington Beach.
Three of the properties, totaling $90.7 mil in loan proceeds, were financed through a life company. The other three, including the acquisition, totaled about $134 mil and were financed through Fannie Mae. The six individual loans were all non-recourse, permanent transactions with fixed rates. The loans have between five- and ten-year terms with thirty-year amortization periods, with the agency loans having initial interest-only payments.
Jason Krupoff and Doug Taylor with BWE originated the loans on behalf of the borrower.
The refinancing and acquisition come as Orange County’s multifamily housing market shows strong fundamentals with little new supply and steady rent growth. The area’s coastal location and proximity to Los Angeles proper, access to high-quality schools and employment, and wide range of amenities make it an ideal location for renters and developers alike. The lone acquisition in the portfolio, the 310-unit Regency Palms, is situated along the coastline and is adjacent to ample retail offerings.
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