NEWPORT BEACH, CALIFORNIA (March 3, 2021) – Michael Elmore, Alex Kane, Joe Giordani and Brendan Golding of NorthMarq’s Newport Beach office secured $29 million in acquisition financing for Axis 2300. The 115-unit multifamily property is located at 2300 Dupont Drive in Irvine, California. The transaction was structured as a 7-year SARM, full term interest-only, and sized to 50 percent of the purchase price of $57.5 million. NorthMarq arranged the floating rate deal for Advanced Real Estate, a repeat agency client, through its in-house Fannie Mae team.
“We are excited about this unique asset that contains condo-quality apartment units averaging approximately 1,500 square feet. It is rare to find a property in such an ideal location with such large units” said Richard Julian, CEO of Advanced.
“The access to the job rich Irvine Business Complex, John Wayne Airport, the 405 freeway and nearby Newport Beach as well as the quality podium construction made this property extremely appealing,” he added. “We plan a light renovation and a long-term hold of this difficult-to-replace asset.”
The Class-A property was constructed to condo level specifications in 2010. The property is located in the highly coveted Irvine market, west of the 405 Freeway within the Irvine Business Complex submarket. Located in the heart of the Orange County Metro, the property is walking distance to John Wayne Airport and only minutes to Newport Beach. It contains oversized studios, 1-, 2- and 3- bedroom floor plans. Each condo-style apartment home includes 11-foot ceilings, stainless steel appliances, granite countertops, spacious closets, washer and dryer, air conditioning, double vanities, heating and a fireplace. Community amenities include: Fitness center, spa, pool, bike storage, controlled access, property manager on-site, elevator, lounge, conference room, pet friendly, online resident portal, outdoor dining, EV charging stations and dry-cleaning services.
“Our Fannie Mae team was able to overcome numerous obstacles including four TIC ownership structure, a city regulatory agreement and an interest rate cap in an accelerated timeline to satisfy the required quick closing. The floating-rate financing was aggressively priced and allows the client flexibility in its business plan,” said Kane.
Irvine, a master-planned city in Orange County (Los Angeles MSA) is a 66-square-mile city with a population of approximately 287,000. A number of corporations, particularly in the technology and semiconductor sectors, have their national or international headquarters in Irvine. These include: Blizzard Entertainment, Broadcom, Edwards Lifesciences, Parker Hannifin, Allergan, Verizon Wireless, B Braun Medical Inc., and Western Digital. It is also home to several higher education institutions including the University of California, Irvine (UCI), Concordia University, Irvine Valley College, The Orange County Center of the University of Southern California (USC) and the campuses of California State University Fullerton (CSUF), University of La Verne and Pepperdine University. The city has been rated one of the top destinations for start-up businesses and its strong, fast-growing economy helped vault Orange County to the top ten list of fastest growing job markets.