Northmarq’s Newport Beach Debt + Equity team arranges $109M in refinancing for 3 SoCal apartment portfolio
NEWPORT BEACH, Calif. — Northmarq’s Newport Beach Debt + Equity team led by Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao successfully arranged financing for a $109 million portfolio featuring three multifamily communities in the Anaheim area.
- Villa Serrano Apartment Homes (201 S. Magnolia Ave, Anaheim, CA)
- Summer Crest Apartments (2828 W. Ball Road, Anaheim, CA)
- Le Med Apartments (950 W. Sierra Madre Ave., Azusa, CA)
Northmarq arranged financing on behalf of the borrower, Advanced Real Estate, through a correspondent relationship with Freddie Mac. All three transactions were structured on 10-year terms with eight years interest only. The loans were 70% loan to value ratio using a 1.20x debt service coverage ratio (DSCR) and 35-year amortization.
“We were able to maximize cash-out proceeds for the borrower by structuring a high leverage permanent loan,” Kane said. “The borrower has a strong track record with the lender, so they offered extremely competitive pricing as well.”
“We are thrilled that Northmarq delivered the most aggressive loan sizing available in the market, paired with highly competitive pricing,” said Advanced Real Estate Chief Operating Officer Robb Cerruti. “They structured the loans to achieve maximum cash-out proceeds, which will be distributed to our investors. We are currently raising Advanced Fund 24-3 which provides our investors the opportunity to re-invest the proceeds into new Southern California multifamily acquisitions. We are actively looking at all on-and-off-market opportunities to purchase.”
Built in 1968, Villa Serrano Apartments Homes (pictured above) was a $26.6 million permanent-fixed refinance. The property features 117 units. The two-building property features one-, two- and three-bedroom apartments for rent. Amenities include stainless steel appliances, quartz countertops, air conditioning, a resort-style pool, fitness center, playground, community room, BBQ grills, courtyards, private gated access, on-site laundry facilities, and a pet-friendly environment.
Summer Crest Apartments had a $50.14 million permanent-fixed refinance. The five-building property was built in 1971 and features 183 units with one-, two- and three-bedroom floorplans. Amenities include black appliances, custom cabinets, air conditioning, urban wood style flooring, a resort-style pool, fitness center, BBQ grills, community room, courtyards, on-site laundry, private gated access and a pet-friendly environment.
Le Med Apartments featured a $32.016 million permanent-fixed refinance. Built in 1988 and including eight residential buildings plus an office/clubhouse, the property features 128 units with one- and two-bedroom floorplans. Apartments include an in-home washer and dryer set, custom cabinets, urban wood style flooring, glass sliders to balcony or patio, air conditioning and recessed lighting. Community amenities include a resort-style pool and spa, EV charging spaces, fitness center, fire pit, basketball court, BBQ grills, private gated access and a pet-friendly environment.
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