February 3, 2017
NorthMarq Capital arranged $130.7 million in refinancing of a portfolio of three SoCal multifamily properties. The assets contain a combined 655 units and are located in Anaheim, Bellflower and Santa Ana.
The transaction was structured with a 10-year term, with 1-year of interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower, Advanced Real Estate Services, through its seller/servicer relationship with Freddie Mac.
The properties include Sherwood, a 297-unit multifamily property in Bellflower that received refinancing of $60.65 million; Park Plaza, a 243-unit property in Santa Ana that received refinancing of $50.1 million; and Twin Pines, a 115-unit property in Anaheim that received refinancing of $19.98 million.
NorthMarq’s Michael T. Elmore, who arranged the financing, said “Freddie Mac provided excellent execution and economic terms. Advanced Real Estate Services received significant cash-out proceeds for continuing asset improvements and future acquisitions.”
For comments, questions or concerns, please contact Dennis Kaiser