July 12, 2017
Connect Orange County is coming up July 27th at the Balboa Bay Club. Here’s where to get more information and register.
Irvine, CA-based Advanced Real Estate Services, Inc. (ARES) obtained a $100.7 million loan from Freddie Mac that was used to refinance Lakewood Manor Apartments, a 565-unit community in Lakewood, CA. NorthMarq Capital’s Mike Elmore arranged the loan.
ARES’ Richard Julian says, “With this refinance, we were able to pay off the existing loan, replenish the reserve accounts, and pull out over $40 million of excess proceeds to be used for future acquisitions.”
ARES acquired the asset in 2005, and subsequently added a neighboring five-unit property in 2012. The property is located near the Long Beach Airport, and is a short walk to the Lakewood Mall.
Upgrades to the property included new cabinets and countertops, flooring, fixtures, paint, electrical and energy efficient lighting upgrades, courtyard BBQ’s and pergolas, new roofs, as well as double-height garages that contain parking lifts.
For comments, questions or concerns, please contact Dennis Kaiser