NorthMarq Capital’s Los Angeles office arranges $35.2 million in supplemental financing for Advanced Real Estate Services portfolio
Five Apartment Communities
LOS ANGELES (June 20, 2016) – Michael T. Elmore, executive vice president/managing director of NorthMarq Capital’s Los Angeles-based regional office, arranged a refinance of $35.2 million for a multifamily portfolio consisting of five apartment communities: • Beachwood— a 301-unit class “A” property located at 2970 W. Orange Ave, Anaheim, California. • California Palms — a 190-unit class “B” property located at 901 S Harbor Blvd, Santa Ana, California. • Countrywood — a 161-unit class “B” property located at 1255 E Citrus Ave, Redlands, California. • Summerwood — a 98-unit class “B” property located at 600 N Harbor Blvd, La Habra, California. • Sundial — a 106-unit class “A” property located at 2701 W Ball Road, Anaheim, California. The transaction was structured with a 5-year term with average interest rate of 4.85 percent followed by a 30-year amortization schedule. NorthMarq arranged financing with Advanced Real Estate Services through its relationship with Freddie Mac. “The refinanced portfolio consists of 856 apartment units and includes over 667,000 net rentable square feet situated over 28 acres of land,” said Elmore. “Each complex offers several floor plans that range anywhere from studio to three bedroom units.”
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.
