NorthMarq Capital arranges $140 million refinance of Aliso Creek Apartments in Aliso Viejo, California
Aliso Creek Apts
LOS ANGELES (December 2, 2014) – Michael T. Elmore, executive vice president/managing director of NorthMarq Capital’s Los Angeles based regional office arranged the $140 million refinance of Aliso Creek Apartments, a 535-unit multifamily property located at 24152 Hollyoak in Aliso Viejo, California. This high leverage loan paid off tax exempt bonds and two subordinate deeds while providing working capital to renovate the formally rent restricted units. The transaction was structured with a 3-year interest only term plus two 12-month extension options. “GE and Prudential teamed up on this complex transaction and closed it in 45 days to accommodate the clients’ business plan and strict payoff dates,” said Elmore.
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
