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Igor Olenicoff scores $52M loan for apartment community in Coral Springs

$12.8M Fannie Mae loan from M&T Realty Capital adds onto a $38.9M mortgage
By Amanda Rabines | August 07, 2017 11:15AM

Club Mira Lago Inset: Igor Olenicoff

Newport, California-based company Olen Properties Corp., led by Igor Olenicoff, just scored an additional $12.8 million in financing, adding up to a $51.8 million loan for its rental community in Coral Springs, property records show.

M&T Realty Capital Corp., the Baltimore-based mortgage banking arm of M&T Bank, provided the new financing for the apartment complex Club Mira Lago at 1060 Coral Ridge Drive. Records shows its a Fannie Mae loan that adds onto a $38.9 million mortgage Olen Living secured for the property in 2007. Wachovia Multifamily Capital was the lender for the previous loan.

Olenicoff, a Russian billionaire developer, has been active in South Florida. Records shows he bought the 306-unit Club Mira Lago in 2007 for $20.8 million or about $67,974 per unit. The complex, built in 1996, sits on a nearly 8-acre lot. It offers one-, two- and three-bedroom apartments with access to lakefront views, a pool, tennis courts and a clubhouse.

Olenicoff has a history of battling tax evasion lawsuits and even pleaded guilty to a federal tax felony in 2007, agreeing to pay $52 million to the IRS after his $200 million worth of offshore companies were revealed. Some of his recent dealings in South Florida include the $44 million purchase of a garden-style apartment community in West Palm Beach. He bought that property in the name of a Florida corporation.

Olen Properties owns commercial and residential properties throughout California, Florida, Arizona, Nevada and Georgia, according to its website.