OC Apartment Properties Score $142M Cash-Out Refi

Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao of Northmarq’s Newport Beach Debt + Equity office arranged the refinancing of two California multifamily properties, the 562-unit Villa Del Sol in Santa Ana and the 142-unit Yorba Linda Pines in Yorba Linda, for a combined $142-million cash-out refinance. The borrower was Advanced Real Estate Services.  

The transaction was structured on a 10-year, interest-only term and provided significant cash-out as a result of Advanced’s outstanding operations at both properties. Northmarq secured the permanent-fixed rate loan for Advanced Real Estate through its Optigo status as a Freddie Mac lender.  

“Advanced Real Estate’s stellar reputation and deep agency experience allowed us to create a competitive process in an otherwise difficult market,” said Kane. “Aggressive pricing coupled with a rate buy-down permitted us to achieve a large cash-out which will help to further grow Advanced’s portfolio with new acquisitions.” 

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