Northmarq Secures $50M from Freddie Mac for Santa Ana Apartments
Northmarq’s Newport Beach Debt + Equity team secured $50.121 million in financing for River House Apartment Homes, a 240-unit garden-style apartment community built in 1987 and located in Santa Ana. The team led by Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao arranged financing on behalf of Advanced Real Estate, which acquired the property in November 2020 and executed a value-add business plan.
Freddie Mac once again provided aggressive terms for the refinance, sizing the loan to a 70% loan-to-value ratio, 1.20x debt coverage ratio and a 35-year amortization due to Advanced Real Estate’s select sponsor status, according to Northmarq.
“Advanced was excited when Freddie Mac rolled out its new 10-year loan program, featuring a 1.20x debt coverage ratio and a 35-year amortization schedule,” Golding said. “This is the most aggressive permanent program in the market, which allowed Northmarq to maximize cash-out proceeds for the borrower.”
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Synergy Hosts Official Opening for Massachusetts’ Largest Office-to-Resi Conversion
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MBTA Issues RFQ for Redevelopment of Lynn Commuter Parking Garage
The Massachusetts Bay Transportation Authority (MBTA) has issued a request for qualifications from would-be redevelopers of its downtown Lynn, MA commuter parking garage. It’s the first of a two-step process, to be followed by a request for proposals. The five-story garage opened in 1992 and has been partially closed since 2022 over safety concerns, ItemLive...
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Kidder Mathews Arranges Sale of 45-Unit Multifamily in Walla Walla
Suncrest Apartments, a 45-unit multifamily community located at 1800 Evergreen Street in Walla Walla, Washington, has sold for $4.3 million. Kidder Mathews Vice President Max Frame of the Simon | Anderson Multifamily Team in Seattle represented the seller, Art Griff, in the transaction. The buyer was Jason Zook. Situated on 1.72 acres, Suncrest Apartments consists...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout