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Legacy Partners Buys 379-Unit Residential Complex in Marina del Rey

5/19/15

Legacy Partners Residential has acquired Mariners Bay Apartments, a 379-unit apartment community located at 14000 Palawan Way in Marina del Rey, in a deal that just closed on May 12 of this year. The company financed the purchase with a $96.4 mil, floating-rate bank loan arranged by CBRE Capital Markets’ Debt & Structured Finance.

Built in 1975, Mariners Bay is one of the largest apartment and anchorage properties in Marina del Rey. The property is situated on 19 acres of land and contains 409 boat slips. Legacy has been approved by the County of Los Angeles to implement a comprehensive renovation on all of the apartment homes, existing docks, waterfront promenade, common area amenities and site landscaping.

Brian Eisendrath and Brandon Smith of CBRE arranged the financing on behalf of Legacy Partners. The property seller, a private family entity, was represented by Marc Renard of Cushman & Wakefield.






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