FOUNTAIN VALLEY AND SANTA ANA, CALIF. — Northmarq has provided $60 million in loans to facilitate the refinancing of two communities in Orange County. Northmarq provided $40 million for the refinancing of Serena Vista Apartments, which was built in Fountain Valley in 1970. The company also provided $20 million for Villa del Sur in Santa Ana, which was constructed in 1969. The two properties total 284 units in one- and two-bedroom floor plans.
Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao of Northmarq’s Debt + Equity team in Newport Beach arranged the financing through the company’s Freddie Mac Optigo seller-servicer platform. The permanent, fixed-rate loans were structured on 10-year terms with full-term interest-only payments. Advanced Real Estate was the borrower.