Advanced Real Estate has secured a $50.1 million refinancing deal for its 240-unit garden style apartment property, River House Apartment Homes, in Santa Ana. River House Apartment Homes is located at 2111 W. 17th St. in Santa Ana.
The refinancing was provided by Freddie Mac with 1.20x debt coverage, 70% loan to value ratio and a 35-year amortization.
Northmarq’s Debt + Equity team out of Newport Beach office arranged the refinancing. That team included Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao.
Advanced Real Estate bought River House, which was built in 1987, in November 2020. The property features one- and two-bedroom units and common area amenities including a fitness center, pool and spa, playground, dog park and laundry facilities.
Northmarq also helped Advanced Real Estate secure $109 million in financing for a three-property multifamily portfolio in Anaheim.
