The Onni Group, a Canadian developer, has successfully secured $1 billion in refinancing for their portfolio of eight apartment towers located in Chicago and the Los Angeles area. According to a report by Fitch Ratings, the deal includes a five-year fixed-rate loan of $875 million and an additional US$125 million in mezzanine debt.
On July 18th, the deal is expected to close with financing provided by Wells Fargo Bank, Citi Real Estate Funding, and Goldman Sachs. The debt will then be packaged and sold to investors.
This commercial-mortgage-backed securities loan will not only repay existing debt of $930.5 million but also cover other expenses while providing Onni with an equity injection of $38.6 million. The portfolio consists of 2
