Printer-friendly version SAN FRANCISCO, CA - August 4, 2014 – 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.
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.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter at twitter.com/hff.