Advanced Real Estate received $263 million in order to refinance six multifamily properties with 1,255 units located throughout Southern California. The individual loans were all structured with a 10-year term, full-term interest-only and sized to 65 percent loan to value.
“This refinance is an exciting step in our cycle of purchasing great real estate i.e., apartments in Southern California, renovating and then refinancing, and re-investing those funds. In this pool were properties where we had already completed that cycle multiple times. Those investors still own these assets but now own many other cash-flowing assets as a result. The majority of the proceeds from this pool will be re-invested in our new Advanced Fund 21-2 which kicks off this month. We will also admit into this fund our private investor network as well as new investors with a goal of raising about $125 million. That would be similar in size to the fund we closed out in August of last year,” said Richard Julian, CEO of Advanced.
NorthMarq’s Michael Elmore, Alex Kane, Joe Giordani and Brendan Golding arranged the financing. NorthMarq secured financing for the properties through its Optigo status as a Freddie Mac lender.
The portfolio is comprised of:
Beachwood Apartments: 2970 W. Orange Ave. in Anaheim – 301 Units
California Palms Apartments: 901 S. Harbor Blvd. in Santa Ana – 190 Units
Countrywood Apartments: 1255 E. Citrus Ave. in Redlands – 161 Units
Crestwood Apartment Homes: 21011 Osterman Rd. in Lake Forest – 76 Units
Sundial Apartments: 2704 W. Ball Rd. in Anaheim – 106 Units
Uptown Fullerton: 2656 Associated Rd. in Fullerton – 421 Units
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!