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**Northmarq Secures $50M from Freddie Mac for Santa Ana Apartments**
Northmarq’s Newport Beach Debt + Equity team has secured $50.121 million in financing for River House Apartment Homes, a 240-unit garden-style apartment community located in Santa Ana, California. Originally built in 1987, the property was acquired by Advanced Real Estate in November 2020, at which time the firm launched a value-add business strategy.
The financing was arranged by a team led by Alex Kane, Joe Giordani, Brendan Golding, and Alvin Cao. Northmarq worked on behalf of Advanced Real Estate to arrange the refinance through Freddie Mac.
Freddie Mac provided aggressive loan terms due to the sponsor’s select status. The loan features a 70% loan-to-value ratio, a 1.20x debt coverage ratio, and a 35-year amortization schedule.
“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,” said Brendan Golding. “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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