E&S Nabs $75M Refinance for Large SoCal Multifamily Complex
An affiliate of E&S Ring Management Corporation has secured $75 million in refinancing for a large multifamily property with more than 500 units in Southern California. Allianz Life Insurance Company provided the loan on the property, the Mediterranean Village in Costa Mesa, according to representatives at E&S Ring.
The transaction comes with a 10-year term of interest-only payments with a fixed-rate of almost 3 percent. The terms of the deal were structured prior to the coronavirus outbreak and subsequent shutdowns, according to NorthMarq, which arranged and announced the funding.
The 508-unit multifamily complex is located at 2400 Harbor Boulevard in Costa Mesa, located near Newport Beach in Orange County. The property is adjacent to the Costa Mesa Golf Course and Orange Coast College.
ZMV Partnership, the E&S Ring entity, purchased the 17-acre property in 1997. The complex was originally built in 1969.
Managing director Nathan Prouty and senior vice president Andy Slaton in NorthMarq’s San Francisco office arranged the refinancing.