Optimus Sets $20 Million Refinancing for Multifamily Portfolio

Optimus Sets $20 Million Refinancing for Multifamily Portfolio
Optimus refinanced these apartments on Ogden Drive.

Century-City based Optimus Properties has refinanced a multifamily portfolio of six buildings for $20.4 million.

The buildings hold a combined 95 units and are located east of Hancock Park, in the Fairfax district, West Hollywood, the Miracle Mile area, Central Los Angeles and Mt. Washington.

The company acquired the properties between 2013 and 2018 for $25 million, then embarked on a multimillion-dollar remodel that included common areas, unit interiors and building systems.

The properties have benefited from the expansion of Metro rail lines, according to Optimus. The company said it has worked to keep the properties leased during the pandemic and has offered concessions, virtual showings and short-term furnished options to keep vacancies low.

“Each deal had its own challenges that our in-house management team overcame to achieve stabilized results amid a global pandemic,” K. Joseph Shabani, a principal at Optimus Properties, said in a statement.

The refinancing allowed the company to return $2.3 million of investor capital, the company said.

“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,” Kamyar Shabani, a principal, said in a statement.

George Smith Partners Inc. arranged the financing. 

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