November 2, 2016
Irvine, CA-based Advanced Real Estate Services, Inc., refinanced five SoCal multifamily properties for $73.97 million. The 479-unit portfolio includes Cantabria in Buena Park, CA, Four Seasons in Paramount, CA, Lantern Bay in Orange, CA, Solara in Garden Grove, CA and the Pines at Montclair in Montclair, CA.
The assets include more than 387,000 rentable square feet, and are situated on more than 23.8 acres of land.
The transaction financing structure included: an average interest rate of 3.78%; 7-year term; and 30-year amortization schedule.
NorthMarq’s Michael T. Elmore arranged financing for the borrower through a national bank.
Elmore says, “This transaction was completed under the lender’s portfolio recapitalization program, which minimized prepayment and closing costs, and provided substantial cash-out proceeds. Advanced will use the excess funds for future acquisitions.”
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