REBusinessOnline

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.

Content Partners
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Walker & Dunlop

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