Northmarq arranges $95.8M Voya refinancing for E&S Ring's 1,461 Southern California apartments

Six non-cross-collateralized loans replace existing debt on E&S Ring buildings in Brentwood, Culver City, Victorville, Los Feliz and Mid-Wilshire.

By The RE Debt DeskThursday, October 22 at 7:28 PM ET

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E&S Ring has refinanced a 1,461-unit Southern California apartment portfolio with $95.8 million from Voya Investment Management, Northmarq announced Thursday.
The new debt replaces existing financing across the portfolio, including four Voya loans from 2007.
Greater Los Angeles multifamily vacancy held at 4.5 percent through the first half of the year and average rent stayed slightly below year-earlier levels, according to Northmarq's most recent numbers.

E&S Ring has refinanced a 1,461-unit Southern California apartment portfolio with $95.8 million from Voya Investment Management, Northmarq announced Thursday.

The new debt replaces existing financing across the portfolio, including four Voya loans from 2007. Northmarq's Nathan Prouty, Andrew Slaton and John Holt worked the deal, which is structured as six non-cross-collateralized loans and carries a mix of fixed- and floating-rate debt, interest-only payments and prepayment provisions.

Across 1,461 units, the financing works out to a bit more than $65,500 a unit.

Greater Los Angeles multifamily vacancy held at 4.5 percent through the first half of the year and average rent stayed slightly below year-earlier levels, according to Northmarq's most recent numbers. Those figures also show more than 40 percent more properties traded in the first half than in the same period of 2025.

Property	Submarket	Units
Casa Granada	Brentwood	168
Sunset Barrington Gardens	Brentwood	183
Meadows South	Culver City	117
Mountain Vista	Victorville	400
Rancho Los Feliz	Los Feliz	317
Villa Vicente	Mid-Wilshire	276