NorthMarq Capital arranged $20.2 million in combined mortgages for West Bay Apartments in Costa Mesa, California
West Bay Apts
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.”
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
