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California  + Orange County  + Apartments  | 

Low-Density Park Newport Gets $255M Refi

PGIM Real Estate recently provided a $255 million fixed-rate loan on behalf of its U.S. core debt strategy to Gerson Bakar & Associates for the refinancing of Park Newport, an apartment community comprising 44 two- and three-story buildings in Newport Beach. Park Newport represents a unique large low-density site with a total of 1,306 units. The property is located on 55 acres and situated on a bluff overlooking Upper Newport Bay.

“This asset was developed by Gerson Bakar and has remained in our portfolio for over 50 years,” says Stephen LoPresti, senior vice president at Gerson Bakar.

The financing was originated by a team led by PGIM Real Estate executive directors Natalia Todorov and Elizabeth Velazquez. Andy Ahlers of Berkadia brokered the financing.

“In addition to its large footprint, serene location and impressive amenities, Park Newport offers excellent local and regional access, and benefits from its position within an affluent community,” said Velazquez.

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Elizabeth Velazquez

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

  • ◦Financing
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