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10/14/24
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Universe Holdings (Universe) has refinanced three of its SoCal multifamily properties with fixed-rate financing which will add approximately $100k sf a month in additional property cash flow.
The three new separate, five-year, interest-only loans totaling $26.7 mil originated by Lument, and Chase Bank, take out a combination of convertible and floating rate loans that have experienced significant interest rates hikes over the past two years. In addition to the interest rate savings, cash flow that had to be put into reserve for future replacement rate caps, will now be reinvested by Universe into the assets.
The financings were secured by the following properties: Serena Vista, a 110-unit community in La Mesa, CA; Chateaux Park Casino Royale V, a 15 unit property in Inglewood, CA; and Chateaux Rexford, a seven-unit apartment complex in West Los Angeles.
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