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NorthMarq Refi’s Fullerton MF for $56M
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NorthMarq secured refinancing of $56,025,000 for Highland Pinetree Apartments in Fullerton, CA. The 320-unit multifamily property is located at 1501 South Highland Ave., and is operated by Irvine, CA-based Advanced Real Estate Services.
The transaction was structured with a fully-amortizing 10-year term at an interest rate of 3.74%. NorthMarq arranged the permanent-fixed loan for the borrower through its relationship with Freddie Mac, which executed a full-rate lock one day after loan application execution. This refinance provided $28 million in net cash out that will be used for acquisitions. NorthMarq also provided defeasance services on the old loan.
NorthMarq’s Michael T. Elmore arranged the loan.
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