Apartment Operator Gets $56M in RefinancingTuesday, December 18, 2012
Apartment investor and operator Universe Holdings Development Co. has obtained refinancing totaling more than $56 million on nine Southern California multifamily properties, including two in La Mesa.
The company obtained 10-year, fixed-rate loans through Freddie Mac, according to a statement from capital services firm Holliday Fenoglio Fowler LP, also known as HFF, which arranged the financing.
The properties are all in Los Angeles and San Diego counties. Universe Holdings received just over $12.7 million in refinancing for the two La Mesa properties — $7.3 million for the 94-unit The Hills at Spring Street Apartments, and $5.4 million for the 56-unit The Terraces at Spring Street.
The refinanced portfolio totals 536 units, and the properties have an average occupancy of 98 percent, the statement said. Los Angeles-based Universe Holdings has acquired apartment properties totaling 4,500 units in Southern California since its 1994 inception.
— SDBJ Staff Report