Universe Holdings Refinances Three LA Apartment Communities
By: Universe Holdings
The two separate loans allowed Universe Holdings to pay off the existing mortgages on the value-add properties; all acquired in 2016. The financing also provided a significant amount of fresh capital to Universe's balance sheet for future acquisitions. The Los Angeles-based investment firm is targeting approximately $250 million in new acquisitions in 2019.
"All three properties are all very well located but did not meet the demands of today's renters when we acquired them. Many units were in their original condition, some dating back as far as 1961," said Samuel Landman, who heads investor relations and capital markets for Universe Holdings. "Following our significant renovation program, we were able to reduce operational costs, and far exceed our original projections for occupancy and rental growth across the three properties."
Prime Finance provided Universe Holdings with a two-year, $19.35 million floating rate loan to refinance 1229 and 1318 N. Mansfield Avenue in Hollywood. The two separate properties, rebranded as Chateau Mansfield total 68 units and, are located less than one-half block apart near Fountain and and Highland Avenues.
Universe Holdings also received an $8.3 million loan from Banc of California to refinance 47-unit 702 Venice Way in Inglewood. The 15-year fixed rate financing carries an interest rate of 4.6%, with interest only payments for the first three years of the term. 702 Venice Way is located approximately three miles from the new Los Angeles Stadium and Entertainment District, which is expected to be completed in 2020.
"We expect to close on several multifamily properties, throughout the Greater Los Angeles area in the next several months," added Landman.
About Universe Holdings
Universe Holdings (http://www.universeholdings.com), is a privately-held multifamily investment, ownership and management firm focused on value-add and off-market transactions. Founded by Chairman/CEO Henry Manoucheri in 1994, the company has completed investment transactions of more than 7,500 apartment units throughout the United States and abroad. Universe strives to achieve long-term value through strong fundamentals meeting institutional quality ownership strategies.
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