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LOS ANGELES-A luxury multifamily development in Santa Monica has secured $70 million in first mortgage refinancing, which will be used to pay for major repairs made on the complex.

The complex, known as Ocean Towers, is a 317-unit cooperative housing development. Consisting of two 19-story towers, it is located at 201 Ocean Ave. The project had been severely damaged by the 1994 Northridge earthquake, but has since been nearly restored. The loan is being used to pay for large-scale repairs, a state-of-the-art seismic retrofit and overall cosmetic upgrades, most of which have been substantially completed.

The $70 million, 10-year loan was provided by NCB Capital Corp., a wholly owned subsidiary of Washington, DC-based National Cooperative Bank. The loan refinances an existing first mortgage of approximately $44 million held by GMAC Commercial Mortgage Corp. and $7.1 million in second mortgage financing held by NCB.

Steven McCoy of Sumitomo Real Estate Sales in New York brokered the deal. The borrower, Ocean Towers Housing Corp., was represented by Joseph Orlando, president, and the board of directors. The lender was represented by Joseph Sturiale, managing director of National Cooperative Bank.

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