Optimus Properties Secures $20.4M Refinance for Portfolio

LOS ANGELES, Dec. 9, 2020 /PRNewswire/ -- Optimus Properties, LLC has successfully refinanced a portfolio of six multifamily properties, totaling 95 units, with refinance proceeds of $20.4M. The portfolio is located throughout Los Angeles.  

Kamyar Shabani, Principal at Optimus Properties noted that, "Optimus continues to implement its proven investment plan and management strategy for the Los Angeles portfolio. We always look for opportunities to augment our assets' financing terms, which, in turn, allows us to more effectively implement our investment plans and provide greater returns to our investors." The company was able to return approximately $2.3 million of investor capital with the refinance proceeds. George Smith Partners arranged the financing.

The assets, located amongst some of the most robust employment hubs in Southern California, have benefited immensely from the construction of the new metro rail system and the resulting accessibility to hot employment hubs. K. Joseph Shabani, Principal at Optimus Properties notes that "each deal had its own challenges that our in-house management team overcame to achieve stabilized results amid a global pandemic." Since the start of the pandemic, the company has taken aggressive measures to keep properties leased and current. Some of these strategies include leasing concessions, virtual showings, and flexible short-term furnished options in select properties.

Shahin Yazdi, Principal at George Smith Partners stated, "Covid-19 has presented a lot of challenges to Multi-Family owners. Optimus Properties' hands-on management approach allowed us to secure aggressive financing for all the properties without the need for any additional reserves."

The company acquired the properties between 2013-2018, for approximately $25 million in total. The group of properties underwent a multi-million-dollar remodeling process that included renovations of the common areas, unit interiors, exterior façade, and building systems. The properties are located east of Hancock Park, the Fairfax district of Los Angeles, West Hollywood, the Miracle Mile area, Central Los Angeles and Mt. Washington. 

Recently, Optimus Properties expanded it Southern California residential portfolio with a $21 million acquisition of a 100-condominium interest in Van Nuys, CA. Optimus is also working on 3 additional refinance loans which will refinance approximately $15,000,000 in debt and dramatically reduce the respective debt service.

About Optimus Properties

Optimus Properties, LLC is headquartered in Los Angeles, California, and is engaged in the acquisition, development, leasing and management of multi-family, retail and commercial real estate. The Company employs a disciplined investment approach focused on value creation and capital preservation. The Company's investments are characterized by direct principal involvement and a meaningful contribution of its principals' capital. The Company's current portfolio consists of retail, office, medical office and multi-family properties in California, Washington and New Mexico.

SOURCE Optimus Properties, LLC

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