Northmarq’s Newport Beach office announces $142 million refinance of two multifamily properties
NEWPORT BEACH, Calif. (Oct. 4, 2023) — Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao of Northmarq’s Newport Beach Debt + Equity office arranged the refinancing of two California multifamily properties, Villa Del Sol (562 units) and Yorba Linda Pines (142 units), for a combined $142 million cash-out refinance. Built in 1967, Villa Del Sol is located at 811 S Fairview St. in Santa Ana. Yorba Linda Pines is located at 18700 Yorba Linda Blvd and was built in 1969.
Advanced Real Estate Services originally purchased the properties in 1994 and 2003 respectively, and they have consistently reinvested in property upgrades and improved operations during their ownership of the properties. The transaction was structured on a 10-year interest only term and provided significant cash-out as a result of Advanced’s outstanding operations at the property.
Northmarq secured the permanent-fixed rate loan for Advanced Real Estate through its Optigo status as a Freddie Mac lender.
“Advanced Real Estate's stellar reputation and deep agency experience allowed us to create a competitive process in an otherwise difficult market,” Kane said. “Aggressive pricing coupled with a rate buy-down permitted us to achieve a large cash-out which will help to further grow Advanced's portfolio with new acquisitions.”
Villa Del Sol offers one- and two-bedroom apartment homes and two-bedroom townhomes in the large Los Angeles suburb of Santa Ana. The pet-friendly community is just 15 miles from Huntington Beach with a variety of restaurants, nightlife and entertainment. Residents enjoy spacious courtyards, wide-open lawns and newly updated interiors with urban wood-style flooring and stainless-steel appliances. Yorba Linda Pines boasts expansive mountain views and a peaceful suburb with plenty of outdoor recreational opportunities. Residents at Yorba Linda Pines are just 30 minutes from the seaside towns of Newport Beach and Huntington Beach. The multifamily property offers two- and three-bedroom townhomes with walk-in closets, quartz countertops, a private patio, garage and in-unit washer and dryer.
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About Advanced Real Estate
Advanced was formed in 1978 and currently owns and operates over 11,000 apartment units throughout Southern California with a market value of approximately $3.5 billion. Advanced funds their investments with private equity. All property management and renovation are carefully administered through their in-house management and construction arms. This vertically integrated approach allows Advanced to most efficiently execute their business plan of acquiring value-add properties in Southern California, renovating them to the highest standards, and then effectively managing them for the long-term. To learn more about Advanced please visit https://advancedrealestate.com/
Meet our team
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
