LOS ANGELES, CALIFORNIA (June 20, 2019) – Michael T. Elmore, executive vice president/managing director of NorthMarq’s Los Angeles-based regional office secured refinancing of $56,025,000 for Highland Pinetree Apartments. The 320-unit multifamily property is located at 1501 South Highland Avenue in Fullerton, California. The property is operated by Advanced Real Estate Services.
The transaction was structured with a 10-year interest-only term at an interest rate of 3.74 percent. NorthMarq arranged the permanent-fixed loan for the borrower through its relationship with Freddie Mac, which executed a full rate lock one day after loan application execution. This refinance provided $28 million in net cash out that will be used for acquisitions. NorthMarq also provided defeasance services on the old loan.
Apartment amenities include: custom-made cabinetry made in the United States, ceiling fans, Frigidaire Energy Efficient appliances, spacious floor plans, patio or balcony, Sound-Tec Urban Flooring to reduce noise levels, LED energy efficient lighting, low-flow toilets and a starboard (leak-preventer).
Community amenities include: beautifully landscaped courtyards, on-site management and 24 hour maintenance, pool, BBQ and picnic areas, on-site laundry, sand volleyball court, smoke-free environment, billiards room, cardio machines/fitness studio, Dog Park and garden pathways.