Orange County Apartments Land $56M Refi
- Jun 19, 2019
The Los Angeles office of NorthMarq has finalized the refinancing of a Fullerton, Calif., apartment community. Highland Pinetree Apartments, located at 1501 South Highland Ave., was the recipient of the $56,025,000 refinancing package.
The transaction was secured by Michael T. Elmore, executive vice president & managing director of NorthMarq’s Los Angeles regional office. The structuring was through a fully-amortizing 10-year term at an interest rate of 3.7 percent. NorthMarq leveraged its relationship with Freddie Mac in arranging the permanent fixed-loan. Freddie Mac executed a full rate lock one day after loan application execution.
A net cash out of $28 million realized via the refinance will be used for acquisitions. In addition, NorthMarq furnished defeasance services on the old loan.
Recently NorthMarq has been very active in obtaining refinancing for its clients. Transactions in the last several months have included the $16 million refinancing of Village Manor in the western New York City suburb of Nutley, N.J. in April, and the $47 million refinancing of student housing asset Eagle Landing Apartments in Daytona Beach, Fla., also in April.
Commitment to sustainability
U.S.-made custom cabinetry, ceiling fans, Frigidaire energy efficient appliances, noise-level-reducing Sound-Tec Urban Flooring and patios or balconies are among the apartment features of Highland Pinetree Apartments. A sand volleyball court tops the roster of common-area amenities.
Highland Pinetree Apartments provides residents convenient access to area employers like the University of California Irvine, California State University Fullerton, St. Jude Medical Center, Boeing Co. and Broadcom Corp. A number of attractions are located nearby including Disneyland, Anaheim Ducks hockey, Los Angeles Angels baseball, Knott’s Berry Farm and Knott’s Soak City, Huntington Beach, California Adventure, Sprouts Farmer’s Market and the Fullerton Public Library.
Advanced Real Estate Services, which owns and operates more than 8,500 Southern California units, operates the 320-unit multifamily property.