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4/24/20
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Universe Holdings has received $19.71 mil in cash-out financing secured by seven of its multifamily communities in Inglewood. Two separate loans allowed Universe to pay off the existing mortgages on the value-add properties and return capital to investors. The financing also provided a significant amount of fresh capital to Universe’s balance sheet for future acquisitions.
Freddie Mac’s Small Business Loan (SML) program provided Universe Holdings with a $16.93 mil blended rate loan with three years interest-only to refinance a portfolio of six properties with a total of 77 units in Inglewood. The properties are Chateau Park Casino Royale 1, Chateau Park Casino Royale II, Chateau Park Casino Royale III, Chateau Park Casino Royale IV, Space Odyssey and Evergreen Fields.
Universe Holdings also received a $2.78 mil supplemental loan from Capital One to refinance The Sycamores, a 50-unit property located at 875 Victor Ave in Inglewood. The 88-month fixed-rate financing carries a 4.35% interest rate. The Sycamores is located approximately two miles from the new Los Angeles Stadium and Entertainment District.
Universe has built up a portfolio in Inglewood within a short distance of some of the major projects in the area, including the $5 bil Hollywood Park development that includes a new NFL Stadium, and the LAX Transit Line. The company has reduced operational costs at these properties, allowing Universe to exceed its original projections for occupancy and rental growth across the assets.
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