Multifamily - Debt

NorthMarq’s Los Angeles office finalizes $56,025,000 refinance of Highland Pinetree Apartments in Fullerton, California

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.

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $16 billion, loan servicing portfolio of more than $65 billion and the multi-year tenure of our nearly 600 people.