Optimus Properties, LLC, through a trio of coordinated refinancings, has refinanced the debt on three multi-family properties.
The total capitalization for the three refinances is roughly $18 million and resulted in the return of approximately $3 million in initial equity. George Smith Partners secured all three loans. Two of the loans were made by Greystone & Co. and one by Umpqua Bank.
“Secondary and tertiary communities in the Greater Seattle area are being fueled by ongoing job growth and strong economic fundamentals, resulting in strong growth potential for well-located multifamily investments,” Kamyar Shabani, Principal of Optimus Properties, stated. “We felt comfortable entering the market how we did, with the partnerships we have.”
Greystone provided Optimus with an approximately $6 million, non-recourse loan for a 43-unit Multifamily property in the greater Seattle area. The loan provided 70% leverage and is fixed at a rate of 4.04% for ten years. Over the past several years, Optimus completely renovated the exterior of the property and turned just over one quarter of the units.