LOS ANGELES (June 20, 2016) – Michael T. Elmore, executive vice president/managing director of NorthMarq Capital’s Los Angeles-based regional office, arranged a refinance of $35.2 million for a multifamily portfolio consisting of five apartment communities: • Beachwood— a 301-unit class “A” property located at 2970 W. Orange Ave, Anaheim, California. • California Palms — a 190-unit class “B” property located at 901 S Harbor Blvd, Santa Ana, California. • Countrywood — a 161-unit class “B” property located at 1255 E Citrus Ave, Redlands, California. • Summerwood — a 98-unit class “B” property located at 600 N Harbor Blvd, La Habra, California. • Sundial — a 106-unit class “A” property located at 2701 W Ball Road, Anaheim, California. The transaction was structured with a 5-year term with average interest rate of 4.85 percent followed by a 30-year amortization schedule. NorthMarq arranged financing with Advanced Real Estate Services through its relationship with Freddie Mac. “The refinanced portfolio consists of 856 apartment units and includes over 667,000 net rentable square feet situated over 28 acres of land,” said Elmore. “Each complex offers several floor plans that range anywhere from studio to three bedroom units.”
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of more than $52 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.northmarq.com.
