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SPRINGFIELD, MA-Locally based Aspen Square Management Inc. Aspen will use more than $79 million of a $125-million credit facility to refinance eight properties totaling 1,583-units located throughout California, Oregon, Rhode Island and Texas. The remaining funds will go toward refinancing several other properties within the next 12 months.

The arrangement also allows the multifamily management firm to consolidate its debts under a Discounted Mortgage Backed Security Credit Facility provided by Fannie Mae. Uniondale, NY-based Arbor Commercial Mortgage, LLC arranged the funding.

Terry Baydala, senior vice president in Arbor’s lending office, says the money will be used to refinance Aspen’s existing debt on properties with an average occupancy rate of 90%. “Aspen’s typical approach to their properties is that upon acquisition, they infuse the necessary capital required to make the properties exceptionally competitive in their respective submarkets,” Baydala tells GlobeSt.com. “We anticipate that most properties financed through this facility will have received prior renovation by Aspen and leased back to competitive market levels.”

Aspen, which owns and manages more than 25,000 apartment homes in 124communities located in 96 cities and 25 states, has been on a selling spree lately, unloading several complexes in its portfolio. In May, the firm sold off the 409-unit Cimarron Crossing in Las Vegas for $38.8 million to locally based RMI Development LLC, and the 515-unit Saddle Club Apartments in Tempe, AZ for $26.9 million to Irvine, CA-based Bethany Group LLC. During that same month, Mesa Candlewood LP, a partnership headed by Aspen, sold the Polo Club for nearly $20 million to the Certe Group of San Diego. In July, the firm sold off the Park at Spring Creek Apartments in Tomball, TX to Triple Net Properties LLC for close to $15 million.

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