(Read more on the debt and equity markets andthe multifamilymarket .)
LAKE FOREST, CA-Advanced Real Estate Services Inc., a specialistin multifamily ownership and development, plans to use proceeds ofits latest refinancing to acquire more properties, according toRichard Julian, president of Advanced. The company lined up $13.2million in new financing via NorthMarq Capital Inc. for the 104unit Porto Bella apartments in Norwalk.
According to Julian and SVP Michael Elmore of NorthMarq's LosAngeles office, the refinancing generated nearly $6.5 million intax-free proceeds that Advanced intends to invest in additionalapartment properties. Julian says that the proceeds from therefinancing were a direct result of efforts by Advanced, whichrenovated the property to add value.
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