Multifamily - Debt

NorthMarq Capital

NorthMarq Capital arranges $140 million refinance of Aliso Creek Apartments in Aliso Viejo, California

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.

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $13 billion, loan servicing portfolio of more than $55 billion and the multi-year tenure of our more than 500 people.