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Borrowers Finance 2,635 Units for $275M

LOS ANGELES-The owner of 1,753 units refinances the portfolio. The owner of the other 882 units gets acquisition financing for two properties. In both cases, the funds were from Freddie MAC.

By Bob Howard | Updated on October 13, 2011

(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).

LOS ANGELES-Owners of apartment complexes totaling 2,635 units have financed them with more than $275 million in Freddie Mac loans arranged by the Los Angeles office of NorthMarq Capital. One borrower is Lake Forest, CA-based Advanced Real Estate Services, which refinanced a portfolio of 1,753 units in Southern California for $178 million, with cash out on all of the properties. The other deal was $97.1 million in acquisition financing for 882 units in Redmond, WA, for which NorthMarq did not name the borrower but a previous GlobeSt.com report and an announcement by t he borrower identified it as a JV of Palo Alto-based Essex Property Trust called Wesco I LLC.

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