Fullerton Apartment Owner Closes $56M Refi

Advanced Real Estate Services has secured $56 million to refinance the Highland Pinetree Apartments, a 320-unit apartment community located at 1501 South Highland Avenue in Fullerton.

The permanent fixed-rate financing was structured with a fully amortizing 10-year term at an interest rate of 3.74%. This refinance provided $28 million in net cash out that will be used for acquisitions.

Michael T. Elmore, EVP and managing director of NorthMarq’s Los Angeles-based regional office secured refinancing on behalf of the borrower.