Northmarq’s Newport Beach Debt + Equity team secured $50.121 million in financing for River House Apartment Homes, a 240-unit garden-style apartment community built in 1987 and located in Santa Ana. The team led by Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao arranged financing on behalf of Advanced Real Estate, which acquired the property in November 2020 and executed a value-add business plan.
Freddie Mac once again provided aggressive terms for the refinance, sizing the loan to a 70% loan-to-value ratio, 1.20x debt coverage ratio and a 35-year amortization due to Advanced Real Estate’s select sponsor status, according to Northmarq.
“Advanced was excited when Freddie Mac rolled out its new 10-year loan program, featuring a 1.20x debt coverage ratio and a 35-year amortization schedule,” Golding said. “This is the most aggressive permanent program in the market, which allowed Northmarq to maximize cash-out proceeds for the borrower.”
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