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8/25/15
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Mills HBS LLC and Advanced Real Estate Services Inc (ARES) of Irvine have obtained $75 mil in refi money for Huntington by the Sea, an oceanfront mobile home and RV park in Huntington Beach. Built in 1963, Huntington by the Sea is located at 21871 Newland St, south of Beach Blvd on the northeast side of Pacific Coast Hwy.
The property, consisting of a 306-space mobile home community and a 95-space RV park, is considered to be one of the premier parks in Southern California. The separate communities each have their own gated entrance, clubhouse, pool and pet areas. The park is only 100 yards from the beach. A number of the upgraded units within the community enjoy ocean views from their roof top decks.
Brian Halpern and Alex Kane of CBRE Capital Markets’ Debt & Structured Finance team out of Los Angeles arranged the financing through Natixis. The 10-year, fixed-rate loan, which includes 30-year amortization and is interest-only for three years, will be used to refinance the existing property.
The property has been owned by the families comprising Mills HBS LLC for more than 100 years and in 2013 they joined forces with ARES, who took over asset management of the parks. ARES shares the same, long-term-hold approach as Mills. ARES’s current portfolio includes holdings in excess of 7,000 multifamily units worth over $1.5 bil.
Since ARES has been involved with the site, they have filled up all vacant spaces in the park with brand new homes which in turn have been leased. ARES has also extensively renovated the large clubhouse and other common areas and has plans for further improvements to the property.
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