NorthMarq Capital’s Los Angeles office arranges $251,539,000 in financing for multifamily portfolio in Southern California

Michael T. Elmore, executive vice president/managing director of NorthMarq Capital’s Los Angeles regional office, has arranged financing of $251,539,000 for a portfolio of eight apartment communities throughout Orange and Los Angeles counties in California. Seven of the loans were refinance transactions; one, Stadium House, was an acquisition. The properties, which include 1,261 apartment units, are all owned and managed by Advanced Real Estate Services, Inc. The assets include: 

• The Parsons, a 60-unit property located at 2000 Parsons St, Costa Mesa
• Eastside, a 98-unit property located at 126 E. 18th St, Costa Mesa
• The Courtyards, a 153-unit property located at 12401 Studebaker Road, Norwalk
• Tierra Palms, a 144-unit property located at 12301 Studebaker Rd, Norwalk 
• Somerset, a 256-unit property located at 336 N. Garfield Ave, Montebello
• Northwind, a 102-unit property located at 16227 Eucalyptus Ave, Bellflower
• Artists Village Apartments, a 197-unit property located at 300 West 2nd Street, Santa Ana 
• Stadium House, a 251-unit property located at 2100 East Katella Avenue, Anaheim 

The transaction was structured with a 10-year term, interest-only with average interest rate of 4.229 percent. NorthMarq arranged financing with for Advanced Real Estate Services through its relationship with Fannie Mae. 

“This group of loans continued Advanced Real Estate Services’ strong relationship with NorthMarq and Fannie Mae. The loans were all separate with no cross collateralization. The seven refinance assets provided significant cash out for future acquisitions by the sponsor. Stadium House was a purchase money loan for 60% of the acquisition cost. Advanced and NorthMarq have successfully completed nearly $2 billion in loans over the past twenty years,” said Elmore.