OXNARD, CA—HFF has arranged $55 million in financing for Paz Mar Reserve, a 385-unit waterfront multifamily property here.
Working on behalf of the borrower, Prime Residential, HFF placed the 10-year, fixed-rate loan with The Guardian Life Insurance Company of America. Loan proceeds were used to retire an existing floating-rate loan through a national lender and conduct an extensive property renovation.
Paz Mar Reserve is located at 3100 Peninsula Road in Channel Islands Harbor. The community is 97% leased and consists of 385 studio, one- and two-bedroom units. Community amenities include a swimming pool, spa, fitness center, lounge and business center.
The HFF debt placement team representing Prime Residential was led by managing director Peter Smyslowski.
“Paz Mar represents a unique opportunity for Guardian to finance a stunning, oceanfront apartment community that enjoys significant barriers-to-entry and outstanding, market fundamentals,” commented Smyslowski.
Prime Residential is one of the largest private owners of high-quality, multifamily rental communities in the Western United States. The company's current portfolio contains approximately 19,000 units.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
