LOS ANGELES—Universe Holdings has secured $17 million in Freddie Mac loans for a portfolio of six multifamily properties in Los Angeles. The funds will be used to recapitalize the 118-unit portfolio, which includes Chateau Barry, Chateau Olympic, Chateau Parkside, Chateau Sycamore, Citronia Luxe Towers and Islands of Tranquility, and to fund future acquisitions.
“Freddie Mac has been an amazing partner with Universe Holdings over the past three years, and again was able to provide a comprehensive, fixed rate structure, with the best interest rate and interest only structure available in the market,” Charles Halladay, HFF director, tells GlobeSt.com. Halladay secured the funds on behalf of Universe Holdings.
The fixed-rate loans are securitized and will be serviced through HFF's Freddie Mac program plus seller/servicer program. The loans have interest rates ranging from 3.88% to 4.11%. “The additional funds allow for Universe Holdings to go out and secure additional acquisitions going forward into 2015,” says Halladay, who adds that there were no major challenges in securing the funding for Universe Holdings. The six-property portfolio is 98% occupied.
HFF recently secured financing through its Freddie Mac program for a pair of Colorado multifamily properties totaling 570 units. Both loans are fixed for 10 years with five years of interest only at 3.86% and 3.84% respectively.
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