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Bellwether Enterprise Provides $224.7M Financing For 1,192-Unit Multifamily Portfolio

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FINANCED
$224,699,000

California

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MultiFamily
Financed 02/29/2024
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Property Image
FINANCED

Bellwether Enterprise Provides $224.7M Financing For 1,192-Unit Multifamily Portfolio

MultiFamily
Financed 02/29/2024
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Summary

Asset Type:MultiFamily
Transaction Type:Loan

The multifamily portfolio in Orange County and Huntington Beach, consisting of six properties totaling 1,192 units, secured $224.7 million in financing through a refinance deal. This loan facilitated the acquisition of Regency Palms in Huntington Beach using equity extracted from refinancing five other properties. The loans were originated by Bellwether Enterprise's Irvine office for a repeat client and included non-recourse, fixed-rate transactions with five- to ten-year terms and thirty-year amortization periods.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $224,699,000
  • Address: Orange County & Huntington Beach
  • Market: Orange County
  • Loan Type: Refinance
  • Loan Terms: Five- and ten-year terms with thirty-year amortization periods, with initial interest-only payments
  • Lender: Jason Krupoff & Doug Taylor - Bellwether Enterprise (BWE)

The financing for the multifamily portfolio involved key individuals like Jason Krupoff and Doug Taylor from Bellwether Enterprise, based in Irvine. The deal reflected the strong multifamily market fundamentals in Orange County, with limited new supply and steady rent growth, showcasing the expertise and relationship between the lenders and the clients in executing such a substantial transaction.

Players

LENDER

Details

FINANCED
IMAGE: Jason Krupoff & Doug Taylor DATE: 02/29/2024 ADDRESS: Multifamily Portfolio MARKET: Orange County & Huntington Beach ASSET TYPE: Multifamily ~ UNITS: 1,192 LENDER: Jason Krupoff & Doug Taylor - Bellwether Enterprise (BWE) (@BWE_Bellwether) LOAN AMOUNT: $224,699,000 LOAN TYPE: Refinance LOAN TERMS: five- and ten-year terms with thirty-year amortization periods, with the agency loans having initial interest-only payments NOTE: BWE secured $224.7 million financing for a six-property, 1,192-unit multifamily portfolio in Orange County, California, facilitating the acquisition of Regency Palms in Huntington Beach through equity extracted from refinancing five other properties. The loans, originated by BWE's Irvine office for a repeat client, comprised non-recourse, fixed-rate transactions with five- to ten-year terms and thirty-year amortization periods, reflecting Orange County's strong multifamily market fundamentals amidst limited new supply and steady rent growth.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$224,699,000.00

Monthly NOI$1,497,993.33
Monthly Debt Service$1,420,250.53
Change in Cash Flow$0.00
Refinance Proceeds$0.00