Northmarq Arranges $109M Freddie Mac Financing for Southern California Multifamily Portfolio
Northmarq’s Newport Beach Debt + Equity team, led by Alex Kane, Joe Giordani, Brendan Golding, and Alvin Cao, has successfully arranged $109 million in financing for a portfolio of three multifamily communities located in Orange and Los Angeles Counties. The financing was secured on behalf of Advanced Real Estate through Northmarq’s correspondent relationship with Freddie Mac.
Each of the three loans was structured with a 10-year term and includes eight years of interest-only payments. The financing terms featured a 70% loan-to-value ratio and a 1.20x debt service coverage ratio (DSCR), with a 35-year amortization schedule.
“We were able to maximize cash-out proceeds for the borrower by structuring a high-leverage permanent loan,” said Alex Kane. “The borrower has a strong track record with the lender, so they were offered extremely competitive pricing as well.”
The three properties included in the financing are:
– Villa Serrano Apartment Homes, located at 201 S. Magnolia Ave., Anaheim
– Summer Crest Apartments, located at 2828 W. Ball Rd., Anaheim
– Le Med Apartments, located at 950 W. Sierra Madre Ave., Azusa
This transaction underscores the continued strength and resilience of the Southern California multifamily market, as well as Northmarq’s ability to secure competitive financing solutions for their clients.
