Northmarq is coming to the aid of Advanced Real Estate with a nearly $110 million refinancing deal. The Irvine-based landlord secured a $109 million debt package to refinance three apartment communities in Anaheim and Azusa, Commercial Observer reported. The fixed-rate loans have 10-year terms with a 70 percent loan-to-value ratio. The refinancing includes loans of $26.6 million for Villa Serrano Apartment Homes in Anaheim, $50.1 million for Summer Crest Apartments in Anaheim and $30 million for Le Med Apartments in Azusa. “We were able to maximize cash-out proceeds for the borrower by structuring a high-leverage permanent loan,” Alex Kane, senior […]
This article originally appeared on The Real Deal. Click here to read the full story.
Powered by WPeMatico