BWE secured $224,699,000 in financing for a six-property, 1,192-unit multifamily portfolio in Orange County. Five properties in the portfolio were refinanced in order to secure equity for the acquisition of the sixth property, the Regency Palms in Huntington Beach (pictured).
SVPs Jason Krupoff and Doug Taylor, both based in BWE’s Irvine office, originated the loans on behalf of the sponsor, a longtime, repeat client and a long-term investor-operator of Orange County multifamily properties.
Three of the properties, totaling $90,650,000 in loan proceeds, were financed by one of BWE’s correspondent life companies. The other three, including the acquisition, totaled $134,049,000 and were financed through Fannie Mae.
The six individual loans were all non-recourse, permanent transactions with fixed rates. The loans have between five- and ten-year terms with 30-year amortization periods; the agency loans have initial interest-only payments.
