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9/14/20
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Advanced Real Estate Services Inc has completed $240.44 mil in refinancings on six SoCal multifamily communities totaling 1,223 units. The Freddie Mac and Fannie Mae financings were arranged by NorthMarq Capital and generated over $100 mil in cash-out proceeds, to be used as the initial investment into the $250 mil Advanced Fund 20-1.
“Freddie Mac financed the first five assets for $204.6 mil during the initial phase of the COVID 19 crisis and held all of the financial terms without change. Pacific Palms Apartment Homes was subsequently financed by Fannie Mae for $35.8 mil once the COVID-19 crisis was well defined and they also held all terms and conditions. Both lenders extended their deep relationships with Advanced Real Estate Services,” said NorthMarq’s Michael Elmore, who arranged the transactions.
With the proceeds from these refinances, we are purchasing multiple properties through our new Fund structure. We are in escrow on three properties, all procured ‘off market.’ We have more than $200 mil of fully-discretionary equity to place, so we are aggressively seeking further multifamily acquisition opportunities,” said Richard Julian, President of Advanced Real Estate Services.
Three of the properties secured in these financings are located in Orange County, two are located in Riverside County and one is located in Los Angeles County. The deals include:
• Corona Pointe Resort: The 714-unit multifamily property received financing of $120.9 mil. It is located at 3957 Pierce St in Riverside. The transaction was structured with a 10-year term with five years of interest-only followed by a 30-year amortization schedule. Financing was locked in at a 2.84% interest rate.
• Corona Pointe Townhomes: The 63-unit multifamily property received financing of $14.279 mil. It is located at 11511 Magnolia Ave in Riverside. The transaction was structured with a 10-year term with five years of interest-only followed by a 30-year amortization schedule. Financing was locked in at a 2.84% interest rate.
• The 5800 Apartment Homes: The 149-unit multifamily property received financing of $35.587 mil. It is located at 5800 South St in Lakewood. The transaction was structured with a 10-year term with five years of interest-only followed by a 30-year amortization schedule Financing was locked in at a 2.84% interest rate.
• Pacific Palms Apartment Homes: The 149-unit multifamily property received financing of $35.85 mil. The two-building property is located at 111 West Orangewood Ave and 2045 South Haster St. The transaction was structured with a 10-year, interest-only term. Financing was secured at a 2.71% interest rate.
• Avignon Apartment Homes: The 88-unit multifamily property received financing of $19.825 mil and is located at 1361 and 1375 West Valencia Dr, and 220 South Basque Ave in Fullerton. The three-building property resides on 2.53 acres of land. The transaction was structured with a 10-year term with five years of interest-only, followed by a 30-year amortization schedule. Financing was locked in at a 2.84% interest rate.
• Washington Place: The 60-unit multifamily property received financing of $14 mil and is located at 1311 East Washington Place in Santa Ana. The transaction was structured with a 10-year term with five years of interest-only followed by a 30-year amortization schedule. Financing was locked in at a 2.84% interest rate.
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