Northmarq Secures $60 Million Refinance for Orange County Apartments

Northmarq Secures $60 Million Refinance for Orange County Apartments

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.

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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