Northmarq’s Newport Beach office arranges over $50M in financing for Santa Ana, CA apartments
SANTA ANA, Calif. — Northmarq’s Newport Beach Debt + Equity team led by Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao secured $50.121 million in financing for River House Apartment Homes, a 240-unit garden-style apartment community built in 1987 and located in Santa Ana, Orange County, California.
Northmarq arranged financing on behalf of Advanced Real Estate, who acquired the property in November 2020 and executed a value-add business plan. Over the course of five years, the property’s operations have improved substantially, allowing the lender to offer significant cash-out proceeds.
Freddie Mac once again provided aggressive terms for the refinance, sizing the loan to a 70% loan to value ratio, 1.20x debt coverage ratio and a 35-year amortization due to their select sponsor status.
“Advanced was excited when Freddie Mac rolled out its new 10-year loan program, featuring a 1.20x debt coverage ratio and a 35-year amortization schedule,” Golding said. “This is the most aggressive permanent program in the market, which allowed Northmarq to maximize cash-out proceeds for the borrower.”
River House Apartment Homes features one- and two-bedroom units and common area amenities including a fitness center, pool and spa, playground, dog park and laundry facilities.
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