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5/05/23
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Advanced Real Estate completed a $31.6 mil internal refinance of the Axis 2300 Apartments in Irvine. The 115-unit multifamily property is located at 2300 Dupont Dr, southwest of the 405 Fwy off Von Karman Ave.
Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao of Northmarq secured the permanent-fixed rate Freddie Mac loan. According to Kane, the transaction was a cash-out refinance of a Fannie Mae acquisition floater which Northmarq had originated in 2021. It enabled Advanced to receive credit for the energy savings in underwriting. The cash out proceeds will be used to install solar panels and additional green improvements.
The Class A property was constructed to condo level specifications in 2010. The property is located in the highly coveted Irvine market, within the Irvine Business Complex submarket. Located in the heart of the Orange County Metro, the property is walking distance to John Wayne Airport and only minutes to Newport Beach. It contains oversized studios, one-, two- and three-bedroom floor plans. The pet-friendly community is situated in a fantastic live-work-play neighborhood, featuring high-tech companies and luxury restaurants.
Apartment amenities include condo-style tall ceilings, stainless steel appliances, gas range, custom cabinets, granite countertops, dual bathroom sinks, walk-in closets, in-unit washer and dryer, and urban wood-style flooring. Community amenities at the complex include resort-style pool, poolside cabanas, sparkling spa, fitness center, BBQ grills, covered parking, wellness certification for air and water purification, on-site and on-call maintenance, and bike-storage.
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