(Read more on the debt and equity markets and the multifamily market .)

LAKE FOREST, CA-Advanced Real Estate Services Inc., a specialist in multifamily ownership and development, plans to use proceeds of its latest refinancing to acquire more properties, according to Richard Julian, president of Advanced. The company lined up $13.2 million in new financing via NorthMarq Capital Inc. for the 104 unit Porto Bella apartments in Norwalk.

According to Julian and SVP Michael Elmore of NorthMarq’s Los Angeles office, the refinancing generated nearly $6.5 million in tax-free proceeds that Advanced intends to invest in additional apartment properties. Julian says that the proceeds from the refinancing were a direct result of efforts by Advanced, which renovated the property to add value.

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