LOS ANGELES — Advanced Real Estate Services has received $73.9 million to refinance a five-property multifamily portfolio in Southern California. The portfolio contains a total of 479 units.
The properties include Cantabria, Four Seasons, Lanter Bay, Solara and the Pines at Montclair. These assets are spread throughout Orange, Los Angeles and San Bernardino counties.
The refinancing features a seven-year term, 3.78 percent interest rate and a 30-year amortization schedule. NorthMarq’s Michael Elmore arranged the financing through a national bank.
The transaction was completed under the lender’s portfolio recapitalization program, which minimized prepayment and closing costs. It also provided cash-out proceeds to Advanced, which plans to use the excess funds for future acquisitions.