Orange County Community Lands $255M Refi
- Jul 06, 2021
The owner of Park Newport, a 1,306-unit multifamily property in Newport Beach, Calif., has taken a $255 million refinancing loan. The mortgage has a fixed rate of less than 2.5 percent and includes interest-only payments for the full term. The new note pays down a $190 million CMBS financing package set to mature in October, Yardi Matrix shows.
Berkadia’s Andy Ahlers worked on behalf of the borrower, a private investor.
The 1970-built property encompasses 39 three-story buildings located on 55 acres at 1 Park Newport. Floorplans include studio, one-, two- and three-bedroom apartments ranging from 513 to 1,514 square feet. The community’s amenities include:
- business center
- tennis, volleyball and basketball courts
- eight swimming pools
The property also has above- and below-ground parking and on-site services including salons and a market.
The community is 3 miles from the University of California, Irvine and 5 miles from John Wayne International Airport. The Fashion Island Mall in the Newport Center district is also nearby.
In September, a similarly sized, $240 million financing deal closed in the region. NorthMarq arranged the 1,223-unit portfolio refinance through Freddie Mac and Fannie Mae.