Advanced Real Estate Secures $60M in Freddie Mac Financing in Orange County
By Greg Cornfield June 7, 2024 4:00 pm
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Multifamily investor Advanced Real Estate has secured refinancing in its home market of Orange County, Calif.
The Freddie Mac (FMCC) loans include $40 million for the 1970-built Serena Vista Apartments at 10300 La Hacienda Avenue in Fountain Valley and $20 million for Villa del Sur at 2701 West McFadden Avenue in Santa Ana, which together include 284 units and offer one- and two-bedroom apartments. The permanent, fixed-rate loans are on 10-year terms with full-term interest only.
Northmarq’s Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao arranged the financing on behalf of Advanced Real Estate.
“We were able to source aggressive terms for Advanced by leveraging their long-term ownership and the affordability of the properties to create a competitive process,” Golding said in a statement. “We ran an ‘all or nothing’ bid process to get the best structure and pricing. The transactions were both full-term, interest-only, cash-out refinances of previous Agency loans, which Northmarq had originated in 2014. The cash out proceeds will help Advanced continue to grow their portfolio in Southern California.”
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
