**Northmarq Secures $50M in Financing for Santa Ana Apartments**
Northmarq’s Newport Beach Debt + Equity team has secured $50.121 million in financing for River House Apartment Homes, a 240-unit garden-style apartment community located in Santa Ana, California. The property, originally built in 1987, is owned by Advanced Real Estate, which acquired it in November 2020 and has since implemented a value-add business plan.
The financing effort was led by Alex Kane, Joe Giordani, Brendan Golding, and Alvin Cao. The team arranged the loan through Freddie Mac, taking advantage of its recently enhanced 10-year loan program. The new program features a 1.20x debt coverage ratio and a 35-year amortization schedule, allowing for more favorable lending terms.
Thanks to Advanced Real Estate’s designation as a select sponsor, Freddie Mac offered aggressive terms for the refinance. The loan was sized to a 70% loan-to-value ratio, with a 1.20x debt coverage ratio.
“Advanced was excited when Freddie Mac rolled out its new 10-year loan program,” said Brendan Golding. “This is the most aggressive permanent program in the market, which allowed Northmarq to maximize cash-out proceeds for the borrower.”
The transaction highlights strong lender interest in well-positioned multifamily assets backed by experienced sponsors.
