NorthMarq Capital’s Los Angeles office negotiates $130,684,000 refinance of Southern California multifamily portfolio
LOS ANGELES (January 30, 2017) – Michael T. Elmore, executive vice president/managing director of NorthMarq Capital’s Los Angeles-based regional office, arranged the $130,684,000 refinance of a portfolio of three multifamily properties located in Southern California. The properties contain a combined 654 units. The transaction was structured with a 10-year term with 1-year of interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower, Advanced Real Estate Services, through its seller/servicer relationship with Freddie Mac. Sherwood: Located at 14500 McNab Avenue in Bellflower, California, this 297-unit multifamily property received refinancing of $60,652,000. Twin Pines: Located at 2880 West Ball Road in Anaheim, California, this 115-unit multifamily property received refinancing of $19,981,000. Park Plaza: Located at 805 West Stevens Avenue in Santa Ana, California, this 243-unit multifamily property received refinancing of $50,051,000. “Freddie Mac provided excellent execution and economic terms,” said Elmore. “Advanced Real Estate Services received significant cash-out proceeds for continuing asset improvements and future acquisitions.”
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.
