(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).
NEWPORT BEACH, CA-The 1,306-unit Park Newport apartments complex here has been refinanced with a 10-year, $190 million Freddie Mac loan arranged by NorthMarq Capital. The NorthMarq team on the deal—SVP and managing director Mitch Thurston and vice president Andy Ahlers in the company’s San Francisco Regional office—note that the loan is interest-only for the full 10 years of the term.
According to Thurston, the borrower, a San Francisco-based private investment group, took advantage of historically low interest rates to refinance the complex, which he described as “a very high quality property.” The interest rate was locked within a few days of receiving the loan application. “Freddie Mac offered extremely attractive pricing and flexible terms from their highly successful CME loan program,” Thurston said.
The new loan replaces an existing Freddie Mac loan. Thurston and Ahlers explain that the borrower, who was the original developer of the property, chose to refinance slightly before the scheduled maturity date of the previous loan in order to take advantage of the low interest rates.
Ahlers notes that the complex is “truly irreplaceable” in a location on a bluff overlooking Upper Newport Bay. “The property’s resort-style amenities are also second to none,” Ahlers says. These include tennis, volleyball, racquetball and basketball courts, multiple swimming pools, spas, a new fitness facility, a theater and other amenities. In addition, the on-site retail includes a dry cleaner, a salon and a gourmet market/caf
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