High-rise commercial buildings

Sub Markets

Property Sectors

Topics

California CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New call-to-action
California  + Orange County  + Apartments  | 

Northmarq Secures $50M from Freddie Mac for Santa Ana Apartments

Northmarq’s Newport Beach Debt + Equity team secured $50.121 million in financing for River House Apartment Homes, a 240-unit garden-style apartment community built in 1987 and located in Santa Ana. The team led by Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao arranged financing on behalf of Advanced Real Estate, which acquired the property in November 2020 and executed a value-add business plan.

Freddie Mac once again provided aggressive terms for the refinance, sizing the loan to a 70% loan-to-value ratio, 1.20x debt coverage ratio and a 35-year amortization due to Advanced Real Estate’s select sponsor status, according to Northmarq.

“Advanced was excited when Freddie Mac rolled out its new 10-year loan program, featuring a 1.20x debt coverage ratio and a 35-year amortization schedule,” Golding said. “This is the most aggressive permanent program in the market, which allowed Northmarq to maximize cash-out proceeds for the borrower.”

Connect

Inside The Story

Northmarq's Golding

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
New call-to-action
New call-to-action
New call-to-action
New call-to-action
New call-to-action