Northmarq’s Newport Beach Debt + Equity team led by Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao arranged financing for a $109-million portfolio featuring three multifamily communities in Orange and Los Angeles Counties. The team arranged financing on behalf of the borrower, Advanced Real Estate, through a correspondent relationship with Freddie Mac.
All three transactions were structured on 10-year terms with eight years interest only. The loans were 70% loan to value ratio using a 1.20x debt service coverage ratio (DSCR) and 35-year amortization.
“We were able to maximize cash-out proceeds for the borrower by structuring a high leverage permanent loan,” Kane said. “The borrower has a strong track record with the lender, so they offered extremely competitive pricing as well.”
The properties included Villa Serrano Apartment Homes at 201 S. Magnolia Ave. in Anaheim; Summer Crest Apartments at 2828 W. Ball Rd., also in Anaheim; and Le Med Apartments at 950 W. Sierrra Madre Ave. in Azusa.
Villa Serrano Apartments in Anaheim, CA offers one, two, and three bedroom apartments for rent. A pet-friendly community has terrific amenities such as our fitness center, sparkling pool, and BBQ areas. Each apartment features quartz countertops, energy-efficient appliances, private patios, air conditioning, and more.
Northmarq offers a unique combination of resources based on an independent, flexible structure fueled by an innovative, collaborative spirit. With a fast-growing national network of deeply connected local offices, we can see opportunity the moment it arises, anywhere.
What started as a small residential mortgage company 63 years ago has grown into a national firm capable of supporting commercial real estate debt, equity, investment sales, loan servicing, and fund management across every type of multifamily and commercial asset.
Since 1981 Advanced Real Estate’s private partnerships have acquired carefully selected properties in Southern California. We view our relationships with our investors as friends and family. Advanced brings to the table a proven track record, seasoned local experts and unique in-house resources.
