 |
| Peter Smyslowski |
SAN FRANCISCO, CA – HFF announced today that it has arranged
$55 million in financing for Paz Mar Reserve, a 385-unit waterfront
multi-housing community in Oxnard, California.
Working on behalf of the borrower, Prime Residential, HFF placed the
10-year, fixed-rate loan with The Guardian Life Insurance Company of
America. Loan proceeds were used to
retire an existing floating-rate loan through a national lender and conduct an
extensive property renovation.
Paz
Mar Reserve is located at 3100 Peninsula Road in Channel Islands Harbor. The community is 97 percent leased and
consists of 385 studio, one- and two-bedroom units. Community amenities include a swimming pool, spa, fitness center,
lounge and business center.
The
HFF debt placement team representing Prime Residential was led by managing
director Peter Smyslowski.
“Paz
Mar represents a unique opportunity for Guardian to finance a stunning,
oceanfront apartment community that enjoys significant barriers-to-entry and
outstanding, market fundamentals,” commented Smyslowski.
 |
| Paz Mar Reserve, Oxnard, CA |
Prime
Residential is one of the largest private owners of high-quality, multifamily
rental communities in the Western United States. The company’s current portfolio contains approximately 19,000
units. Prime Residential maintains a
strong internal management capacity to maximize investment success.
For a complete copy of the company’s news
release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel (main) 617-338-0990 | (direct) 617-848-1572 | cel
617.543.4873 | www.hfflp.com
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