IMG announces refinancing of 136-unit community

WOODLAND HILLS, December 1, 2020 — Investors Management Group, Inc. (“IMG”) announced today the successful refinance of a 136-unit property in the Portland, Oregon metro.

IMG and its investors closed the $18.8 million refinance of Caldera at Sunnybrook, a multifamily community located 25 minutes outside of downtown Portland in Clackamas, Oregon. The new loan provides a substantial return of capital to owners and funds ongoing property improvements. Caldera’s appraised value at refinance represents a 40% appreciation increase since IMG’s acquisition in 2017.

IMG’s principals and staff celebrate the grand opening of the new Resident Clubhouse, Fitness and Leasing Center.

IMG acquired Caldera with a business plan to renovate the 1980-built property. Rehabilitation expenditures of over $2 million to date have gone into upgrades such as remodeling apartment interiors and constructing a new community clubhouse, fitness and leasing center. Operations have surged under IMG’s asset management during the repositioning period, with net income growing an average of 13% per year over the last three years.

“We secured a long-term loan at historically low interest rates to preserve low debt service costs,” said Marc Gordon, Principal and CFO of IMG. “Additionally, the refinance unlocks asset value gains we’ve built over the past three years. This makes good sense from both operations and investment management perspectives, benefitting our tenants and investors.”

The community features a mix of 1-, 2- and 3-bedroom apartments across nine acres. Caldera is located in the Clackamas/Happy Valley submarket, one of the metro’s fastest growing areas. Strong demographics, reflected in a $94K average household income within two miles of Caldera, have spurred the development of new schools and high quality retail offerings. Light rail service is less than one mile from the property connecting residents to downtown, Portland’s Westside (headquarters for Nike and Intel) and the airport.

Freddie Mac provided the loan, originated by David Bleiweiss, Berkadia’s Managing Director of Mortgage Banking in Irvine, California.

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ABOUT IMG

Investors Management Group, Inc. (“IMG”) is a real estate sponsor focused on multifamily assets across a national platform. IMG has acquired 9,200 multifamily units ($875 million) representing 40 properties since 2010. Total investor capital in IMG-sponsored multifamily real estate exceeds $360 million. IMG currently owns and asset manages 3,600 apartment units in eight U.S. metros.

As proven by our track record, we successfully grow investor capital by increasing rental housing value and enhancing our residents’ living experience.

For information on investing with IMG in future apartment offerings, please contact David Mikkelsen at (747) 262-5600 ext. 652 or email investor.relations@imgre.com.