TruAmerica refinances $300m for five multifamily properties
TruAmerica refinanced $300 million of five multifamily properties in four states that are held in the firm’s portfolio.
”We acquired these five properties in 2021. As a direct outcome of our team’s ability to drive value, the strong operational performance of these assets provided for an accretive refinancing opportunity despite the challenging financing markets,” said Robert E. Hart, founder, CEO and president of Los Angeles-based TruAmerica. “We already had excellent debt in place on these five properties, but we were proactive to obtain even more attractive financing for our portfolio even in today’s environment. The refinance will result in lower spreads and material reductions in debt service payments. We also mitigated risk in the overall portfolio with even further staggering of the maturity schedules.”
The assets were acquired by TruAmerica in 2021 and include Sabal Palm at Carrollwood, a 432-unit property in Tampa, Fla.; Slate Apartments, a 350-u