Owners of apartment complexes have financed the units with more than $275 million in Freddie Mac loans, GlobeSt reports. The facilities have been arranged by the Los Angeles office of NorthMarq Capital. California-based Advanced Real Estate Services (Ares), one of the borrowers, refinanced a Southern California portfolio for $178 million.
The $97.1 million financing in Redmond, Washington, may have been secured by a joint venture of Palo Alto–based Essex Property Trust called Wesco I. The Ares portfolio consisted of eight properties in Los Angeles and Orange counties and the Inland Empire that were refinanced with eight separate loans at interest rates between 3.82 percent and 4.35 percent.
Click here for the story from GlobeSt.