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NorthMarq Capital Secures $141.5M Refi for Aliso Viejo MF
Aliso Creek Apartments, a 535-unit multifamily property located at 24152 Hollyoak in Aliso Viejo, CA, received $141.5 million in refinancing. The transaction was structured as a full-term, interest-only loan arranged by NorthMarq Capital for the borrower, Sares-Regis, through a serviced CMBS lender.
NorthMarq Capital’s Michael Elmore, who negotiated the loan, says “We closed a highly-structured transaction with a major New York investment bank. The execution was excellent, and they held the ‘all-in’ spread despite market widening without re-trades.”
The financing package closed at 5.15%; 1.20 IO DCR; and 78.5% LTV on a 4.50% California cap rate. The package provided a long-term capital solution to the borrower, who took out a senior bridge and mezzanine deal placed by NorthMarq Capital in 2014.
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