The deal is an expansion of a late 2003 Fannie Mae master credit facility with Green Park Financial of Bethesda, MD as the lender and Quantum First Capital of Dallas as the arranger for the Olympus Dallas-based affiliate, WMC Management, successor to Walden Residential Properties Inc. In late 2003, Olympus inked a $479.2-million financing with Green Park, building in an expansion option, Stuart Wernick, Quantum's president, tells GlobeSt.com. The revised terms sweeten the prospect for an assumption, he says.
Additional deal details will be forthcoming, but the newest signing is Walden's third since it went private in February 2000. Since then, Walden has used the master credit facility to buy and sell to realign the portfolio. With the new facility, Walden can substitute assets at a low-cost floating rate loan--key to the portfolio sale now on the market.
Earlier this month, Olympus put its portfolio company, Oly Hightop Parent LP, on the market. Its assets encompass 21,560 apartments in 69 properties, of which 65% are in Texas. The Oly Hightop offering represents practically half of Walden's portfolio at the time of privatization. The official word from Olympus is that it has been "selectively selling non-strategic properties to enhance the overall attractiveness of its remaining portfolio." Olympus is predicting a fourth-quarter close on the sale.
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