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Olen Refinances Morningstar Apts.

LAS VEGAS-The Newport Beach, CA-based developer with a stable of local properties takes out its construction loan for the 195-unit property, which was completed in 2005 and is still in its lease-up phase.

By Brian K. Miller | Updated on June 28, 2006

(To read more on the debt and equity markets and the multifamily market, click here.)

LAS VEGAS-Olen Properties of Newport Beach, CA has obtained permanent financing for Morningstar Apartments, a 195-unit property here that it completed in 2005. The property is in lease-up with 70% of the units currently occupied.

Holliday Fenoglio Fowler sourced the loan through Bank of America CMBS Capital Markets, a conduit lender. The 10-year fixed-rate loan has a 75% loan-to-value and a three-year interest-only period followed by a 30-year amortization schedule.

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