ORANGE COUNTY, CA–Michael Elmore, executive vice president and managing director of NorthMarq's Los Angeles regional office arranged refinancing of $143.4 million for eight individual apartment loans. These conventional market multifamily properties contain a total of 1,226 units.
The two largest loans, totaling $86,819,000 on Villa Del Sol, located in Santa Ana, and Yorba Linda Pines, located in Yorba Linda, were placed for the borrower by NorthMarq through its affiliate AmeriSphere multi-family finance, LLC.
The six other loans, totaling $56 million were placed with a national bank.
The financings generated approximately $45 million in cash out proceeds. With these proceeds, Advanced Real Estate Services (ARES) intends to invest in new apartment acquisitions. Based in Orange County, ARES owns and manages over 6,000 multi-family units in Southern California primarily in Orange and Los Angeles Counties. ARES is also developing residential and mixed use projects in San Juan Capistrano, Corona del Mar and Trabuco Canyon.
“AmeriSphere provided an excellent execution on two new ten year fixed rate loans and they were willing to provide all-or-nothing” pricing despite losing the other six loans,” said Elmore. “The bank provided 30-year loans with a seven year fixed rate period. They also provided strong and flexible economic terms and exceptionally low closing costs.”
NorthMarq, the largest privately held commercial real estate financial intermediary in the U.S., provides mortgage banking and commercial loan servicing in 33 offices coast to coast. With an average of $9.5 billion in annual production volume and servicing a loan portfolio of over $41 billion, the company offers expertise to borrowers of all size.
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