LOS ANGELES (February 20, 2013) – Michael Elmore, executive vice president and managing director of NorthMarq’s Los Angeles regional office, arranged combined acquisition financing of $20.2 million for West Bay Apartments located in Costa Mesa, California. These two market-rate multifamily properties contain a combined total of 158 units. West Bay Apartments, located at 126, 131 and 161 E. 18th Street, contain 98-units and was financed at $12.7 million. West Bay Apartments, located at 2000 Parsons Street, contain 60 units and was financed at $7.5 million. Financing for both of these transactions was based on a 5 + 10-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. “The lender provided a hybrid loan that allowed for flexible intermediate term acquisition financing,” Elmore said. “The loan is fixed for five years at 4% with a flexible prepayment that conforms to the business plan. There is also a “safety valve” in a ten year floating rate after the initial term.”
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.
