PGIM Refis Calabasas Housing Community With $25M Loan

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PGIM Real Estate has provided $25 million in refinancing for a manufactured housing community in the San Fernando Valley, brokers at Northmarq announced.

The permanent fixed-rate loan was structured on a 10-year, full-term interest-only basis.

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Calabasas Village Mobile Estates, a 210-unit property at 23777 Mulholland Highway in Calabasas, was built in 1973. Matt Radich and Alex Kane, Northmarq’s vice president and senior vice president, respectively, secured the loan from PGIM on behalf of the property’s owners.

“Trophy assets like Calabasas Village are few and far between in today’s market,” Kane said. “Given the highly competitive marketing process, the terms we were able to achieve were well inside any other deals we are seeing in today’s market.”

PGIM has been busy lately, and recently supplied Alere Property Group with a $455 million refinancing loan for an eight-building industrial portfolio, Commercial Observer reported last week. 

Nick Trombola can be reached at NTrombola@commercialobserver.com.