Northmarq Arranges $31.6M Internal Refinance For Axis 2300 Apartments

The Axis 2300 Apartments, a 115-unit multifamily property located at 2300 Dupont Drive in Irvine, California, has undergone a $31.6 million internal refinance deal. The property, constructed in 2010, boasts condo-style amenities and is conveniently situated near John Wayne Airport and Newport Beach. The loan, a permanent-fixed rate loan from Freddie Mac, was secured by Advanced Real Estate and facilitated by Northmarq's Newport Beach debt and equity team led by Alex Kane, Joe Giordani, Brendan Golding, and Alvin Cao. The purpose of the loan is to provide cash out proceeds for the installation of solar panels and other green improvements at the Class-A property.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $31,600,000
• Property Address: 2300 Dupont Drive
• Market: Irvine
• Units: 115
• Lender: Freddie Mac
• Landlord: Advanced Real Estate
• Brokers: Alex Kane, Joe Giordani, Brendan Golding & Alvin Cao - Northmarq
• Loan Type: Refinance
• Loan Terms: permanent-fixed rate loan

The team at Northmarq's Newport Beach office utilized their Optigo status as a Freddie Mac lender to arrange the refinance deal. The funds will be used by Advanced Real Estate to support the installation of solar panels and implement additional green improvements at the property, which offers residents a prime location and top-notch amenities.