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California  + Orange County  + Finance  | 

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

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Financing
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