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Northmarq Arranges $60M Refi of OC Apartments
Northmarq’s Newport Beach Debt + Equity team of Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao secured the refinancing of Serena Vista Apartments in Fountain Valley and Villa del Sur in Santa Ana for a total of $60 million.
Northmarq arranged financing on behalf of the borrower, Advanced Real Estate, through its Freddie Mac Optigo Seller Servicer platform. The permanent fixed rate loans were structured on 10-year terms with full-term interest only.
“We were able to source aggressive terms for Advanced by leveraging their long-term ownership and the affordability of the properties to create a competitive process,” said Golding. “We ran an ‘all or nothing’ bid process to get the best structure and pricing. The transactions were both full-term interest-only, cash-out refinances of previous agency loans, which Northmarq had originated in 2014.”
Northmarq secured the $40-million refinance of Serena Vista Apartments (built in 1970) and the $20-million refinance of Villa del Sur (built in 1969). The properties total 284 units and offer one- and two-bedroom apartment homes.
- ◦Financing
