CHICAGO-The locally-based Laramar Group has gained $87.8 million in refinancing for four multifamily properties. Holliday Fenoglio Fowler LP assisted the company in the loans for properties in Florida, Illinois and North Carolina, totaling almost 1,400 units.
Jay Marshall with HFF said the transaction allowed Laramar to execute a corporate strategy of paying down a floating rate line of credit and replacing it with secured long-term debt at low interest rates. Marshall, Elliott Throne and Matt Schoenfeldt placed the securitized, 10-year loans with Freddie Mac at a low-to-mid 4% range.
The transaction included the following properties: The 160-unit Villa Oceana Luxury Waterfront apartments in Boca Raton, FL that rent for between $1,320-$2,315 per month, the 228-unit Bay Park Luxury Apartment Homes in Clearwater, FL that rent for $740 to $1,275 per month, the 694-unit Waterford Lakes Apartments in Charlotte, NC that rent for $460 to $915 per month, and the 281-unit Mont Clare at Harlem Avenue apartments in Harwood Heights, IL that rent for $680-$1,620 per month. The company, with a property management division that’s based in Denver, owns properties in 15 states.
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