LOS ANGELES (March 30, 2015) – Michael T. Elmore, executive vice president/managing director of NorthMarq Capital’s Los Angeles based regional office secured the $11.7 million refinance of Avignon Apartment Homes, a 88 unit multifamily property located at 1375 W. Valencia Drive in Fullerton, California. The transaction was structured with a 5+25 year term with years 1-5 at a fixed rate and years 6-30 at a variable rate. NorthMarq arranged financing for the borrower, Advanced Real Estate Services, through its relationship with a national bank. “The bank increased the loan by 17 percent after rate lock based on the cash invested in upgrades and projected cash flow increases,” said Elmore. “The execution was excellent.” About Advances Real Estate Services Based in Orange County, Advanced Real Estate Services owns and manages over 7,000 multi-family units in Southern California primarily in Orange and Los Angeles Counties. ARES is also developing residential and mixed use projects in San Juan Capistrano, Corona del Mar and Trabuco Canyon. For more information, please visit www.advancedonline.com
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
