NorthMarq Capital arranges $24.95 million refinance for Highland Pinetree Apartments located in Fullerton, California
Highland Pinetree Apts
LOS ANGELES (March 18, 2014) – Michael T. Elmore, executive vice president/managing director of NorthMarq Capital’s Los Angeles based regional office arranged the $24.95 million refinance of Highland Pinetree Apartments, a 320-unit multifamily property located at 1501 South Highland Avenue, Fullerton, California. This was the third financing of the asset completed by NorthMarq and was set at a ten year interest only loan at 4.19%, with substantial cash out for property renovation and investment in other assets. NorthMarq arranged financing for the borrower through its seller/servicer relationship with Freddie Mac. “This transaction utilized Freddie Mac’s early index lock which locked the ten year Treasury for 90 days on application,” said Elmore. The building is managed by Advanced Real Estate Services (ARES), an Orange County based owner and manager of over 7,000 units in Southern California, specifically Orange and Los Angeles Counties. ARES is also in the process of developing residential and mixed use projects in San Juan Capistrano, Corona del Mar and Trabuco Canyon.
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.
