HUNTINGTON BEACH, CA—CBRE Capital Markets' Debt & Structured Finance team has secured $75.0 million in financing for Huntington by the Sea, an oceanfront mobile home and RV park here.
Brian Halpern and Alex Kane of CBRE's Los Angeles office arranged the financing through Natixis on behalf of Mills HBS, LLC and Advanced Real Estate Services, Inc. (ARES) of Irvine. The 10-year, fixed-rate loan, which includes 30-year amortization and is interest-only for three years, will be used to refinance the existing property.
Located at 21871 Newland Street, Huntington by the Sea is a trophy mobile home and RV park. Built in 1963, the property includes a 306 space mobile home community and a 95 space RV park, and is considered to be one of the premier parks in Southern California. The separate communities each have their own gated entrance, clubhouse, pool and pet areas. Located on the north side of Pacific Coast Highway the park is only 100 yards from the beach. A number of the upgraded units within the community enjoy ocean views from their roof top decks.
The property has been owned by the families comprising Mills HBS, LLC for more than 100 years and in 2013 they joined forces with ARES who took over asset management of the parks. ARES shares the same, long-term-hold approach as Mills. ARES's current portfolio includes holdings in excess of 7,000 multi-family units worth over $1.5 billion. Since ARES has been involved with the site, they have filled up all vacant spaces in the park with brand new homes which in turn have been leased. ARES has also extensively renovated the large clubhouse and other common areas and has plans for further improvements to the property.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
