SAN FRANCISCO, CA – July 2, 2021 – Berkadia today announced the placement of financing for Park Newport, a 1,306-unit garden-style multifamily property in Newport Beach, California. Managing Director Andy Ahlers of Berkadia San Francisco secured the $255 million in permanent refinancing on behalf of the borrower, Park Newport LP. The deal closed on July 1.
The long-term fixed-rate loan features interest-only payments for the full term of the loan and an interest rate below 2.50 percent.
“We were honored to arrange the financing for Park Newport, a large, iconic property in an irreplaceable location overlooking Upper Newport Bay,” said Ahlers. “Given the size and quality of this asset, the competition to finance it was fierce. When the dust settled, the winning lender was selected due to its combination of low pricing, quick rate lock and familiarity with the sponsorship.”
Located at 1 Park Newport, the property features studio, one-, two and three-bedroom floor plans with large closets. Community amenities include an outdoor spa, a putting green, a sand volleyball court, a theater, a library, six community swimming pools, a junior Olympic swimming pool, a playground, a jogging and bike path, a hair salon and manicurist, a market, a laundry cleaner, eight tennis courts and a fitness center. The property is conveniently located near John Wayne Airport, the Pacific Coast Highway, the University of California, Irvine and Newport Center.