MARINA DEL REY, CA—Legacy Partners Residential has secured a $96.4 million loan for the acquisition of Mariners Bay Apartments in Marina del Rey. In addition to the acquisition, the borrower plans to use the funds to redevelop the 379-unit property and its existing docks and waterfront promenade. The purchase price of the property was not disclosed.

“The debt was structured with a holdback to complete significant capital improvements that will allow the sponsor to extend the ground lease and offer tenants a high-quality place to live,” Brian Eisendrath, vice chairman of the capital markets debt and structured finance team at CBRE, tells GlobeSt.com. Eisendrath secured the funds on behalf of the borrower along with Brandon Smith of CBRE’s Beverly Hills office.

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