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November 26, 2004

Orion Residential LLC

Seattle-based Orion Residential LLC has acquired the 240-unit Timberstone, a luxury apartment in Houston. Debt financing was provided through the assumption of existing tax-exempt bonds and the replacement of the in-place credit enhancement by Fannie Mae through RED Mortgage Capital. Equity comes from a joint venture of Orion and a Guggenheim Real Estate PLUS portfolio company managed by Guggenheim Real Estate LLC. The price wasn't disclosed. Since its inception in April, Orion has acquired more than 1,700 apartment units around the nation.




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