Olympic Investors Adds Three Texas Properties

SEATTLE-Locally based Olympic Investors has tapped its $150-million credit facility to acquire 800 units in San Antonio, TX. The three properties are the 262-unit Songbird Apartments, the 280-unit Village of Oak Creste Apartments and the 258-unit Copperfield Apartments.

The line of credit, with Fannie Mae as the ultimate provider of capital and Columbus, OH-based Red Capitol Group as the delegated servicer and underwriter, allows Olympic to leverage up to 70% of an acquisition on a project eligible basis. For the three San Antonio Properties, Red Mortgage funded three 70% Fannie Mae DMBS mortgage loans totaling $26.5 million. The loans, which have 10-year terms, bring the total amount funded under the non-cross-collateralized facility to $74.6 million. All properties acquired under the facility are being managed by Seattle-based Pinnacle Realty management Co.