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.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of more than $52 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.northmarq.com.
