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NorthMarq Arranges $75M Refi for Costa Mesa MF
An affiliate of Los Angeles-based E&S Ring secured $75 million in permanent refinancing for Mediterranean Village, a multifamily garden apartment property in Costa Mesa. The 508-unit asset is located at 2400 Harbor Blvd.
NorthMarq’s Nathan Prouty and Andy Slaton arranged the financing. The transaction was structured with a 10-year term of interest-only payments with a fixed-rate just shy of 3%.
NorthMarq worked with the existing life insurance company lender to discount the prepayment premium on the existing loan, and refinance a low-6% rate with a sub-3% rate and convert from amortized to interest-only payments. This allowed the borrower to pull out a significant amount of equity to fund a variety of capital improvements at the property, while maintaining the same level of debt service and distributions to its partners.
Slaton says, “We were fortunate to structure the deal and lock rate prior to COVID-19. As one of our top correspondent lenders, this life insurance company honored their commitment and remained focused and flexible throughout the transaction.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing




