Multifamily - Debt


NorthMarq Capital arranges over $143 million refinancing for various California locations

LOS ANGELES, CA (October 21, 2013) – Michael Elmore, executive vice president and managing director of NorthMarq’s Los Angeles regional office arranged refinancing of $143.4 million for eight individual apartment loans. These conventional market multifamily properties contain a total of 1,226 units. The two largest loans, totaling $86,819,000 on Villa Del Sol, located at 811 S. Fairview in Santa Ana, and Yorba Linda Pines, located at 18700 Yorba Linda Blvd., Yorba Linda, CA were placed for the borrower by NorthMarq through its affiliate AmeriSphere multi-family finance, LLC, a Fannie Mae DUS Lender with a 10-year fixed loan term and a 30-yearm amortization schedule. The six other loans, totaling $56 million were placed with a national bank with a 30-year term and 30-year amortization schedule. The financings generated approximately $45 million in cash out proceeds. With these proceeds, Advanced Real Estate Services (ARES) intends to invest in new apartment acquisitions. Based in Orange County, ARES owns and manages over 6,000 multi-family units in Southern California primarily in Orange and Los Angeles Counties. ARES is also developing residential and mixed use projects in San Juan Capistrano, Corona del Mar and Trabuco Canyon. “AmeriSphere provided an excellent execution on two new ten year fixed rate loans and they were willing to provide “all or nothing” pricing despite losing the other six loans,” said Elmore. “The bank provided 30-year loans with a seven year fixed rate period. They also provided strong and flexible economic terms and exceptionally low closing costs.”

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.