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Newport Beach-based Olen Properties Corp. has closed on a big loan for its largest local property-a mixed-use development it owns in Brea-and is close to putting some of the proceeds from that and other recent financing deals into an apartment complex it plans to buy outside Orange County.
The privately held real es- tate owner and developer recently completed a funding deal for its Olen Pointe Brea campus near the intersection of the Orange (57) free-way and East Lambert Road.
The campus includes six offices totaling close to 720,000 square feet, plus The Pointe, a 260-unit apartment complex.
It's the largest commercial property that Olen owns in Orange County. Olen's portfolio totals more than 7.5 million square feet of commercial real estate, much of it in OC, plus more than 12,000 apartments.
Olen said it got a $185 million loan this month for the Brea project, which...