Prime Finance Lends $70M for SoCal Multifamily Deal
Interstate Equities bought the community for $93 million
By Greg Cornfield August 19, 2022 4:10 pm
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Interstate Equities Corporation (IEC) has secured $69.8 million acquisition financing for a multifamily development in Southern California.
Prime Finance provided the two-year, floating-rate loan with four one-year extensions. Champion Realty sold the community for $93 million. JLL (JLL) announced the financing and represented IEC.
The property, called The Vines at Riverpark, is part of a new 700-acre, master-planned community. It includes a 164-unit, two-story townhome community at 3040 North Oxnard Boulevard in the city of Oxnard. It features two- and three-bedroom units with an average size of 1,369 square feet. It’s also located near The Collection, a 650,000-square-foot shopping, dining and entertainment development.
“This acquisition presents IEC with an opportunity to provide a single-family-home alternative to renters within walking distance to schools, parks and The Collection at Riverpark; a major lifestyle center,” IEC’s Brendan Gibney said in a statement. “The Oxnard-Ventura market has the most severe housing shortage in the United States with an increasingly diverse renter base looking for larger, well-appointed housing with proximity to high-end retail and coastal amenities.”
Peter Smyslowski, Charles Halladay, Jonah Aelyon, Spencer Bergthold and Elijah Lax of JLL Capital Markets represented the borrower.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
