NEWPORT BEACH, CALIFORNIA — Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao of Northmarq’s Newport Beach debt and equity team, negotiated the $31.6 million internal refinance of the Axis 2300 Apartments. The 115-unit multifamily property is located at 2300 Dupont Drive in Irvine, California. Northmarq secured the permanent-fixed rate loan for Advanced Real Estate through its Optigo status as a Freddie Mac lender.
“This transaction was a cash out refinance of a Fannie Mae acquisition floater which Northmarq had originated in 2021,” said Kane. “This Green Up loan provided the best pricing for Advanced, and they received credit for the energy savings in underwriting. The cash out proceeds will be used to install solar panels and additional green improvements.”
The Class-A property was constructed to condo level specifications in 2010. The property is located in the highly coveted Irvine market, west of the 405 Freeway within the Irvine Business Complex submarket. Located in the heart of the Orange County Metro, the property is walking distance to John Wayne Airport and only minutes to Newport Beach. It contains oversized studios, 1-, 2- and 3- bedroom floor plans. The pet friendly community is situated in a fantastic live-work-play neighborhood, featuring high-tech companies and luxury restaurants.
Apartment amenities include: Condo-style tall ceilings, stainless steel appliances, gas range, custom cabinets, granite countertops, dual bathroom sinks, walk-in closets, in-unit washer and dryer, and urban wood-style flooring. Community amenities include: Resort-style pool, poolside cabanas, sparkling spa, fitness center, BBQ grills, covered parking, wellness certification for air and water purification, on-site and on-call maintenance, and bike-storage.
About Northmarq
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes.
About Advanced Real Estate
Advanced was formed in 1978 and currently owns and operates over 11,000 apartment units throughout Southern California with a market value of approximately $3.5 billion. Advanced funds their investments with private equity. All property management and renovation are carefully administered through their in-house management and construction arms. This vertically integrated approach allows Advanced to most efficiently execute their business plan of acquiring value-add properties in Southern California, renovating them to the highest standards, and then effectively managing them for the long-term.
