Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao from Northmarq’s Newport Beach Debt + Equity office successfully arranged the refinancing of two multifamily properties in California. The Villa Del Sol in Santa Ana with 562 units and Yorba Linda Pines in Yorba Linda with 142 units were both refinanced for a total of $142 million. Advanced Real Estate Services was the borrower.
The loan was structured on a 10-year term with interest-only payments, providing significant cash-out due to Advanced’s exceptional management at both properties. Northmarq secured this permanent-fixed rate loan for Advanced Real Estate through its Optigo status as a Freddie Mac lender.
According to Kane, “Advanced Real Estate’s outstanding reputation and extensive agency experience allowed us to create a competitive process despite challenging market conditions.” With aggressive pricing and rate buy-downs, they were able to achieve substantial cash-out that will support further growth of Advanced’s portfolio through new acquisitions.
This recent transaction highlights the success of OC apartment properties as they secure $142 million in cash-out refinance without any mention or involvement from Connect CRE or its affiliates such as Connect LA or Connect Texas.
