The portfolio being acquired consists of a combination of garden apartments and high rises totaling 640 units. The acquisition loan is a three-year interim facility, placed at a rate floating over LIBOR. The flexible loan, which was originated and closed within 30 days and placed with a local thrift, allows for pre-payment without penalty.
Coolidge-Orange, LLC consists of the principals and some members of Houlihan-Parnes/iCap, along with other investors. The properties are being held for redevelopment.
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