FULLERTON, CA—NorthMarq Capital‘s Los Angeles based regional office has arranged the $24.95 million refinance of Highland Pinetree Apartments, a 320-unit multifamily property at 1501 South Highland Ave.
This was the third financing of the asset completed by NorthMarq and was set at a ten year, interest only loan at 4.19%, with substantial cash out for property renovation and investment in other assets. NorthMarq arranged financing for the borrower through its seller/servicer relationship with Freddie Mac.
“This transaction utilized Freddie Mac’s early index lock which locked the ten year Treasury for 90 days on application,” said Michael Elmore, the EVP and managing director, who arranged the deal.
The building is managed by Advanced Real Estate Services, an Orange County based owner and manager of over 7,000 units in Southern California, specifically Orange and Los Angeles Counties. ARES is also in the process of developing residential and mixed use projects in San Juan Capistrano, Corona del Mar and Trabuco Canyon.