Champion Refinances USC Student Housing Asset
Los Angeles-based Champion Real Estate Company has secured the $16.1 million refinancing of Victory on Portland, a 55-unit, 139-bed student housing property in Los Angeles near the University of Southern California. The long-term, fixed-rate loan was obtained through Wintrust Bank.
Champion purchased the property in early 2020, and was planning to complete a $2 million renovation, but the work was delayed due to the pandemic as universities transitioned to remote learning. The company was finally able to renovate the property and added an additional 8 units and 37 beds, increasing the value of the asset.
“Victory on Portland is a terrific example of the value potential in renovating dated properties that are walking distance to Tier 1 universities,” said Champion COO Parker Champion. “Despite the challenging capital market environment, we were able to close very accretive financing due to the value we have added since acquisition.”