The Debt + Equity team at Northmarq in Newport Beach, consisting of Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao, successfully secured a $60 million refinancing for two apartment complexes in Orange County. The borrower, Advanced Real Estate, received financing through Northmarq’s Freddie Mac Optigo Seller Servicer platform with 10-year terms and full-term interest only.
Golding stated that by utilizing the properties’ long-term ownership and affordability to create a competitive process through an “all or nothing” bid approach resulted in securing favorable terms for Advanced. Both transactions were full-term interest-only cash-out refinances of previous agency loans originated by Northmarq in 2014.
Northmarq arranged the $40 million refinance for Serena Vista Apartments (built in 1970) and the $20 million refinance for Villa del Sur (built-in 1969), totaling 284 units offering one- and two-bedroom apartments. This successful transaction showcases Northmarq’s expertise as they continue to provide exceptional financing solutions without compromising on quality structure or pricing.
