Dealmaker: NorthMarq Secures $105M in Multifamily Refis
NorthMarq, Minneapolis, secured $104.8 million for multifamily properties in California and Florida.
In Chino Hills, Calif., Advanced Real Estate Services, Irvine, Calif., paid $130 million for The Crossings, a 346-unit apartment community that delivered last year. NorthMarq’s Mike Elmore, Joe Giordani and Brendan Golding arranged a $76.8 million Fannie Mae Green loan with 10 years of interest-only payments at a 2.44 percent fixed rate.
“We purchased this property with 1031 exchange funds from a recent sale of a large mobile home park in Huntington Beach [California],” said Advanced President Richard Julian. He noted the firm’s investor partners liked The Crossings’ construction quality, its 32-acre low-density site and job growth in the area.
Margie Molloy, Senior Director with Berkadia’s Inland Empire office, represented Advanced in the acquisition.
Advanced announced plans for two more apartment acquisitions within the next 45 days as it fulfills its 1031 exchange equity placement. In September Advanced launched a fund of up to $250 million of private capital, much of which came from a large refinance completed earlier this year with NorthMarq.
Courtesy of NorthMarq
“We are actively searching for more large multifamily assets in our southern California marketplace,” Julian said. “We are in escrow on two other properties off-market. We hope there will be more opportunities as the market stabilizes and sellers are more comfortable bringing properties out.”
In Wesley Chapel, Fla., NorthMarq Senior Vice President and Managing Director of the firm’s Tampa regional office Robert Hernandez negotiated $28 million in construction financing for Charleston Elegant Apartments, a to-be-built 228-unit property.
Hernandez structured the five-year loan with three years of interest-only payments on a 25-year amortization schedule. A regional bank supplied the financing. Charleston Elegant Apartments will include four four-story residential buildings with attached and detached climate-controlled garages. The Class A property is 7.5 miles east of Interstate-75 along New River Road close to Wiregrass Mall and The Groves Shopping Center.
