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.
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.
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. Calabasas Village Mobile Estates, a 210-unit property at 23777 Mulholland Highway in Calabasas, was built in 1973. Matt Radich and Channel, Finance, Refinance, 23777 Mulholland Highway, Alere Property Group, Alex Kane, Calabasas Village Mobile Estates, Matt Radich, California, Southern California, Los Angeles, Northmarq, PGIM Real Estate
Lead by real estate veteran Robert Khodadadian, Skyline Properties has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.