LOS ANGELES (June 25, 2013) – Michael Elmore, executive vice president and managing director of NorthMarq’s Los Angeles regional office, arranged combined first mortgage refinancing of $29.5 million for two market-rate multifamily properties in Los Angeles County, California. The two properties contain a combined total of 255 units. The Courtyards Apartments, located at 12401 Studebaker Road in Norwalk, contains 153 units and was financed at $18.5 million. Northwind & Tres Palms Apartments, located at 16227 Eucalyptus Avenue in Bellflower, contains 102 units and was financed at $11 million. Financing for both of these transactions was based on a 15-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, Advanced Real Estate Services, through its relationship with a national bank. “These transactions provided significant cash out on a five-year fixed-rate loan with a five-year floating rate tail and scheduled prepayment,” Elmore said. “The lender was willing to return substantial capital to the borrower while accommodating mezzanine financing on Northwind & Tres Palms and providing a leasehold loan on The Courtyards.”
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.
