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.

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $52 billion. In select markets, the company offers multifamily and manufactured housing investment sales through NorthMarq Multifamily. As a leader in capital solutions through long-term relationships with life companies, CMBS platforms and local, regional and national banks, the company also has a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. For more information please visit www.northmarq.com.