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