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NorthMarq Negotiates $240M Refi for 6-Property SoCal MF Portfolio
Advanced Real Estate Services, Inc. secured $240,441,000 to refinance six multifamily properties totaling 1,223 units in SoCal. Three of the properties are located in Orange County, two are located in Riverside County and one is located in Los Angeles County.
The financings generated more than $100 million in cash-out proceeds. The refinance proceeds will be used as the initial investment into the $250,000,000 Advanced Fund 20-1.
Advanced Real Estate Services’ Richard Julian says, “With the proceeds from these refinances, we are purchasing multiple properties through our new Fund structure. We are in escrow on three properties, all procured ‘off market.’ We have more than $200 million of fully-discretionary equity to place, so we are aggressively seeking further multifamily acquisition opportunities.”
NorthMarq’s Michael Elmore arranged financing for the borrower through relationships with Freddie Mac and Fannie Mae.
Properties included:
– Corona Pointe Resort: a 714-unit property at 3957 Pierce St. in Riverside received financing of $120.9 million.
– Corona Pointe Townhomes: a 63-unit property at 11511 Magnolia Ave. in Riverside received financing of $14.279 million.
– 5800 Apartment Home: a 149-unit property at 5800 South St. in Lakewood received financing of $35.587 million.
– Pacific Palms Apartment Homes: a 149-unit property at 111 West Orangewood Ave. and 2045 South Haster St. in Anaheim received financing of $35.85 million.
– Avignon Apartment Homes: an 88-unit property at 1361 and 1375 West Valencia Dr. and 220 South Basque Ave. in Fullerton received financing of $19.825 million. (pictured)
– Washington Place: a 60-unit property at 1311 East Washington Pl. in Santa Ana received financing of $14 million.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Sale/Acquisition
