Northmarq secures Freddie Mac loans totaling $60 million for two Orange County multifamily properties

NEWPORT BEACH, Calif. (June 4, 2024) — Northmarq’s Newport Beach Debt + Equity team of Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao secured the refinancing of Serena Vista Apartments in Fountain Valley, Calif., and Villa del Sur in Santa Ana, Calif., for a total of $60 million.

Northmarq arranged financing on behalf of the borrower, Advanced Real Estate, through their Freddie Mac Optigo Seller Servicer platform. The permanent fixed rate loans were structured on 10-year terms with full-term interest only.

“We were able to source aggressive terms for Advanced by leveraging their long-term ownership and the affordability of the properties to create a competitive process,” said Golding. “We ran an ‘all or nothing’ bid process to get the best structure and pricing. The transactions were both full-term interest-only, cash-out refinances of previous Agency loans, which Northmarq had originated in 2014. The cash out proceeds will help Advanced continue to grow their portfolio in Southern California.”

Northmarq secured the $40 million refinance of Serena Vista Apartments (built in 1970) and the $20 million refinance of Villa del Sur (built in 1969). The properties total 284 units and offer one- and two-bedroom apartment homes. Situated in Orange County, the garden-style multifamily communities have been extensively renovated throughout Advanced’s decades-long ownership. 

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