(Mark Your Calendars: RealShare ORANGE COUNTY, August 18 in Newport Beach, CA).
(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).
NEWPORT BEACH, CA-Olen Properties Corp. has refinanced eight apartment properties in Florida and Nevada totaling 2,468 units with $220 million in loans arranged by HFF. An HFF team led by senior managing director Don Curtis of the company’s Irvine office arranged the eight separate fixed-rate loans through M&T Realty Capital Corp. The loans were sold through M&T’s Fannie Mae Program. The 10-year terms provided Olen with a reduced cost of capital and additional liquidity.
Also involved on the HFF team were Elliott Throne from the Miami office of HFF as well as Greg Brown and Brian Torp from the Orange County office.
The eight Olen properties, which total 2,468 units with an average occupancy of in excess of 90%, are part of Olen’s multifamily portfolio of more than 10,000 units in 36 plus residential communities are primarily located in the Las Vegas and South Florida markets. Olen’s portfolio boasts more than five million square feet of office and industrial projects throughout Orange County.
The properties that were refinanced included three in Florida and five in Nevada. The three florida properties are the 240-unit Club Lake Pointe in Coral springs, the 420-unit Sanctuary Cover in Palm Beach and the 372-unit Weston Place in Weston.
In Nevada, the refinanced properties included the 192-unit Red Rock Villas in Summerlin, the 544-unit Durango North and South in Las Vegas, the 288-unit Falling Water in Las Vegas, the 212-unit Hidden Cove in Las Vegas and the 200-unit Horizon Ridge in Henderson.
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