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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