**Northmarq Secures $109M Freddie Mac Financing for Southern California Multifamily Portfolio**
Northmarq’s Newport Beach Debt + Equity team has successfully arranged $109 million in financing for a portfolio of three multifamily communities located in Orange and Los Angeles Counties. The financing was arranged on behalf of the borrower, Advanced Real Estate, through Northmarq’s correspondent relationship with Freddie Mac.
The Northmarq team was led by Alex Kane, Joe Giordani, Brendan Golding, and Alvin Cao.
Each of the three transactions was structured with a 10-year term, including eight years of interest-only payments. The loans were provided at 70% loan-to-value and underwritten with a 1.20x debt service coverage ratio (DSCR), based on 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 offered extremely competitive pricing as well.”
The properties included in the financing are:
– Villa Serrano Apartment Homes, located at 201 S. Magnolia Avenue in Anaheim
– Summer Crest Apartments, located at 2828 W. Ball Road, also in Anaheim
– Le Med Apartments, located at 950 W. Sierra Madre Avenue in Azusa
This financing underscores continued activity in the Southern California multifamily market and demonstrates strong lender confidence in quality assets and experienced operators.
