NorthMarq Capital arranged $29.5 million in combined mortgages for two multifamily properties in Los Angeles County, California
The Courtyards & Northwind Tres Palms Apts
LOS ANGELES (June 25, 2013) – Michael Elmore, executive vice president and managing director of NorthMarq’s Los Angeles regional office, arranged combined first mortgage refinancing of $29.5 million for two market-rate multifamily properties in Los Angeles County, California. The two properties contain a combined total of 255 units. The Courtyards Apartments, located at 12401 Studebaker Road in Norwalk, contains 153 units and was financed at $18.5 million. Northwind & Tres Palms Apartments, located at 16227 Eucalyptus Avenue in Bellflower, contains 102 units and was financed at $11 million. Financing for both of these transactions was based on a 15-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, Advanced Real Estate Services, through its relationship with a national bank. “These transactions provided significant cash out on a five-year fixed-rate loan with a five-year floating rate tail and scheduled prepayment,” Elmore said. “The lender was willing to return substantial capital to the borrower while accommodating mezzanine financing on Northwind & Tres Palms and providing a leasehold loan on The Courtyards.”
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.
