NorthMarq secures $8.75 million in financing for three multifamily properties in Santa Ana, California
LOS ANGELES, CALIFORNIA (December 2, 2019) – David Blum, senior director of NorthMarq’s Los Angeles office arranged financing of $8.75 million for three multifamily properties located in Santa Ana California. NorthMarq arranged permanent-fixed loans for all three properties through its relationship with a credit union. The transaction was a non-recourse loan with zero percent pre-payment penalty.
Ross Manor: NorthMarq arranged refinancing of $4.5 million for the multifamily property located at 1401 North Ross Street in Santa Ana, California. The transaction was structured with a 7-year term on a 30-year amortization schedule. The property consists of 36 units. The garden/low-rise apartment project was built in 1983 and is situated on 0.46 acres of land. The property has three floors of units over ground floor parking.
Ross Tower: NorthMarq secured refinancing of $2.6 million for the multifamily property located at 1602 North Ross Street in Santa Ana, California. The transaction was structured with a 7-year term on a 30-year amortization schedule. The property, built in 1986, consists of 105 units. IT was 100 percent occupied at the time of financing. The property has four stories with a subterranean parking garage.
Casa De Porter: NorthMarq negotiated the $1.65 million refinance of the multifamily property located at 512 North Porter Street in Santa Ana, California. The transaction was structured with a 7-year term on a 30-year amortization schedule. The property, built in 1985, was 100 percent occupied at the time of origination. The three story building is located on 0.43 acres of land and has 60 covered parking spaces.
“NorthMarq was grateful to arrange all three properties for a repeat borrower client.”
- David Blum
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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.
