222
FOUNTAIN VALLEY AND SANTA ANA, CALIF. — Northmarq has provided $60 million in loans to Advanced Real Estate for the refinancing for two multifamily properties in Orange County.
Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao of Northmarq’s Newport Beach Debt + Equity team arranged the financing through Northmarq’s Freddie Mac Optigo seller-servicer platform. The permanent, fixed-rate loans were structured on 10-year terms with full-term interest-only payments.
Northmarq funded $40 million in refinancing for Serena Vista Apartments (built in 1970) in Fountain Valley and $20 million in refinancing for Villa del Sur (built in 1969) in Santa Ana. Totaling 284 apartments, the communities offer one- and two-bedroom floor plans.