NorthMarq Capital’s Los Angeles office arranges $11.7 million refinance of Avignon Apartment Homes in Fullerton, California
Avignon Apartment Homes
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
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.
