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Northmarq Arranges $109M Freddie Mac Financing on SoCal Apartments
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.
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- ◦Financing
