July 13, 2018
NorthMarq Capital arranged $251.5 million in financing for a portfolio of eight apartment communities throughout Orange and Los Angeles counties. Seven of the loans were refinance transactions, and one, Stadium House, was an acquisition. The properties, which include 1,261 apartment units, are all owned and managed by Irvine, CA-based Advanced Real Estate Services, Inc.
The assets include:
– Artists Village Apartments (pictured), a 197-unit property at 300 West 2nd St., Santa Ana
– Stadium House, a 251-unit property at 2100 East Katella Ave., Anaheim
– The Parsons, a 60-unit property at 2000 Parsons St., Costa Mesa
– Eastside, a 98-unit property at 126 E. 18th St., Costa Mesa
– The Courtyards, a 153-unit property at 12401 Studebaker Rd., Norwalk
– Tierra Palms, a 144-unit property at 12301 Studebaker Rd., Norwalk
– Somerset, a 256-unit property at 336 N. Garfield Ave., Montebello
– Northwind, a 102-unit property at 16227 Eucalyptus Ave., Bellflower
NorthMarq’s Michael T. Elmore arranged the transaction that was structured with a 10-year term, interest-only with average interest rate of 4.2%. The financing was through Fannie Mae.
For comments, questions or concerns, please contact Dennis Kaiser