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5/01/20
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An E&S Ring affiliate has obtained a $75 mil permanent loan refi on Mediterranean Village, a 508-unit multifamily property in Costa Mesa. The garden-stye residential community is located at 2400 Harbor Blvd, adjacent to the Costa Mesa Golf Course along Harbor Blvd, between Orange Coast College and the Harbor Center shopping center.
The property’s location is close to both Interstate 405 and the Costa Mesa Freeway for easy access throughout Orange County. The community is less than two miles outside downtown Costa Mesa, with an abundance of retail amenities and a Starlight Cinemas Movie Theater. Additionally, the property is only a short drive from the neighboring beach towns of Newport Beach and Huntington Beach.
Nathan Prouty and Andy Slaton with NorthMarq Capital arranged the transaction, which was structured with a 10-year term of interest-only payments. The financing was funded through a life insurance company lender and discounted the prepayment premium on the existing loan, while replacing a low-6% rate with a sub-3% rate and converting amortized to interest-only payments. This allowed the borrower to pull out a significant amount of equity (three times the existing balance) to fund a variety of capital improvements at the property while maintaining the same level of debt service and distributions to its partners.
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