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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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