ALISO CREEK, CA—Aliso Creek Apartments, a 535-unit multifamily property at 24152 Hollyoak here, has received a $140-million refinancing loan. The high-leverage loan is going to pay off tax-exempt bonds and two subordinate deeds while providing working capital for renovation of formerly rent-restricted units in the property.

Michael T. Elmore, EVP of NorthMarq Capital, negotiated and arranged the loan on behalf of an unnamed borrower. The parties involved were unable to comment on the borrower's identity and how long they have owned the property, but GlobeSt.com has learned that the borrower is planning $4.3 million in interior renovations for the asset.

The transaction was structured with a three-year interest-only term, plus two 12-month extension options. According to Elmore, “GE and Prudential teamed up on this complex transaction and closed it in 45 days to accommodate the clients' business plan and strict payoff dates.”

This is the second triple-digit financing for NorthMarq this week. As we reported on Tuesday, the firm's Minneapolis office has arranged a $203.5-million loan on behalf of MetLife and Allstate Insurance Company/Allstate Life Insurance Co. for their acquisition of Normandale Lake Office Park. The partners bought the five-tower complex in suburban Bloomington, MN, from Sam Zell's Equity Group Investments for a little bit more than $368 million, or roughly $100 million more than Chicago-based Equity paid for it in 2012. Northwestern Mutual is the lender.