SANTA MONICA, CA-Development of a new high-end, ocean-view condominium project here will likely move forward thanks to a $42.1-million bridge loan that encumbers three properties.

Robert Hervey, EVP and managing director of NorthMarq's Los Angeles office, arranged the highly-structured loan, which encumbers the 55,863 square foot Point Dume Shopping Center in Malibu; Meridian Apartments, a 21-unit complex in Pasadena; and 301 Ocean, the anticipated high-end condominium development in Santa Monica.

Prime Finance in San Francisco was the lender. The loan leveraged all three properties so that Marquis Property Co. Ltd. could acquire the one-acre 301 Ocean for $21 million from Trammell Crow. The site currently houses a boarded-up, 47-unit apartment complex. Marquis Property owns retail, office and residential properties.

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