Economic slowdown due to the coronavirus epidemic didn't stop Orion Residential Properties from thinking long-term and refinancing their portfolio of four apartment complexes in North Texas for $181.54 million.

"The refinance was critical to our long-term strategic plan for the portfolio," said Dan Gumbiner, Orion president and CEO. "We were determined to complete the transaction despite the current environment."

Previously, Orion Residential Advisors had four variable-rate Freddie Mac loans on the property in 2016.

The four properties consist of 1,489 units total: 416-unit Orion McCord Park in Little Elm, 308-unit Orion Prosper Lakes, 312-unit Orion Prosper, both in Prosper, and 453-unit complex Orion McKinney in McKinney. The properties include common amenities such as gyms, resort-style pools, outdoor common areas and club rooms, with units averaging about 883 square feet.

Orion Residential Advisors has acquired about $2.2 billion of residential real estate since 2004, and specializes in Core-Plus and Value-Add apartment communities. The company is involved in more than $5 billion of real estate transactions.

JLL Capital Markets arranged the financing for the sale, securing four 10-year, fixed-rate loans via Freddie Mac. The loans will provide five years of interest-only payments and is serviced by JLL Company and Freddie Mac Optigo lender Holliday Fenoglio Fowler.