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The Jewish Federation of Greater Los Angeles honored the life and philanthropic legacy of Chelsea native Robert “Bob” Hart at the Real Estate and Construction Network Dinner at the Beverly Hilton Hotel in Beverly Hills, California.
Robert E. Hart is the CEO of TruAmerica Multifamily, a Los Angeles-based vertically integrated multifamily investment firm that also has regional offices in Virginia and Texas. Founded by Hart in 2013, TruAmerica has experienced a meteoric rise within the commercial real estate industry, growing into one of the most active multifamily investors in the country. TruAmerica has more than $15 billion in assets under management, and the firm and its partners own and operate more than 58,000 units across 16 states.
TruAmerica Multifamily last week lined up $300 million of agency financing to refinance bridge debt on a five-property multifamily portfolio that the Los Angeles-based manager acquired in 2021.
The firm believes the properties had substantial long-term potential and wanted to align the debt on the assets with that vision, said Bob Hart, founder, chief executive and president.
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TruAmerica refinances $300m for five multifamily properties
”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.”
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A massive portfolio sale, a big financing, a cross-border joint venture and two downbeat forecasts comprised the most read stories on Connect CRE over the past week. Leading the roster was a breaking news story on the latest transaction between two giants that have done numerous deals together, Prologis and Blackstone.
Prologis Acquires $3.1B of Blackstone Industrial detailed an agreement for San Francisco-based Prologis to acquire 14 million square feet of warehouse properties in 10 regional hubs, including Northern and Southern California, New York/New Jersey and South Florida. Although a $3.1-billion sale is sizable by any measure, it doesn’t exactly constitute a selloff of Blackstone’s industrial holdings: the company owns 175 million square feet of warehouses globally.
New Loans Extend Debt Maturity Dates in Challenging Market
TruAmerica Multifamily, a national multifamily investment firm, has secured $300 million in refinancings on five multifamily properties in four states.
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TruAmerica Multifamily has obtained $300 million for the refinancing of five multifamily communities, comprising more than 2,100 units, located in Florida, Georgia, Arizona and Tennessee. Walker & Dunlop Senior Director Russell Dey and Senior Managing Director Trevor Fase arranged the loans on behalf of the borrower.
The portfolio encompasses the 432-unit Sabal Palm at Carrollwood, in Tampa, Fla.; Slate Apartments, a 350-unit property in the Atlanta metro; The Urban, a 435-unit community in Phoenix; the 468-unit Viera Cool Springs, located near Nashville, Tenn.; and the 425-unit Stillwater Palms, in the Tampa/St. Petersburg market. The owner picked up the properties back in 2021.
TruAmerica Multifamily, a national, institutionally-focused multifamily investment firm, added to an already successful year with the $300-million refinance of five multifamily properties in four states, The agency loans were arranged by Walker & Dunlop’s Russell Dey and Trevor Fase and include multifamily properties encompassing more than 2,100 units in Florida, Georgia, Arizona and Tennessee.
The assets were acquired by TruAmerica in 2021. They include Sabal Palm at Carrollwood, a 432-unit property in Tampa; Slate Apartments, a 350-unit property in Atlanta; The Urban, a 435-unit property in Phoenix; Viera Cool Springs, a 468-unit property near Nashville; and Stillwater Palms, a 425-unit property in the Tampa/St. Petersburg market.
On June 1st, 2023, The Jewish Federation of Greater Los Angeles hosted the Real Estate & Construction (REC) Network Dinner at The Beverly Hilton in Beverly Hills, CA honoring the life and philanthropic legacy of Founder, Chief Executive, and President of TruAmerica Multifamily Robert “Bob” E. Hart. The night raised over $3.3 million for the Federation’s vital and lifesaving work of caring for the most vulnerable Jews in Los Angeles (including Holocaust survivors), keeping Jewish Los Angeles safe from the rising tide of antisemitism, and helping build meaningful relationships and programs for Angelenos of diverse backgrounds.