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.
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 an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
