NorthMarq Completes $263M Refinancing for Six Multifamily Properties in Southern California
NEWPORT BEACH, CALIF. — NorthMarq has provided Advanced Real Estate with $263 million in loan proceeds through Freddie Mac for the refinancing of six multifamily properties throughout Southern California. The portfolio contains 1,255 units. The individual loans were structured with a 10-year term, interest-only payments for the full term, and a loan-to-value ratio of 65 percent. NorthMarq’s Newport Beach office executed the transaction.
The portfolio includes:
*Beachwood Apartments: 2970 W. Orange Ave., Anaheim, 301 units
*California Palms Apartments: 901 S. Harbor Blvd., Santa Ana, 190 units
*Countrywood Apartments: 1255 E. Citrus Ave., Redlands, 161 units
*Crestwood Apartment Homes: 21011 Osterman Road, Lake Forest, 76 units
*Sundial Apartments: 2704 W. Ball Road, Anaheim, 106 units
*Uptown Fullerton: 2656 Associated Road, Fullerton, 421 units
The transaction marks nearly $3 billion in closings between NorthMarq and Advanced Real Estate. Not only did the borrower receive a substantial cash-out, but it also decreased its overall debt service even though each loan was separate, according to NorthMarq.