Northmarq’s Newport Beach office completes $25 million refinance of Calabasas Village Mobile Estates

NEWPORT BEACH, Calif. (Sept. 12, 2023) — Alex Kane, senior vice president, and Matt Radich, vice president, of Northmarq’s Newport Beach Debt/Equity office arranged the $25 million refinance of Calabasas Village Mobile Estates. The 210-unit manufactured housing community was originally built in 1973 and is located at 23777 Mulholland Hwy in Calabasas. The transaction was structured on a 10-year term, full term interest-only, and the highly competitive process resulted in extremely attractive terms for the borrower. Northmarq secured the permanent fixed rate loan for the borrower through a life insurance company relationship. 

“Trophy assets like Calabasas Village are few and far between in today’s market,” said Kane. “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.”

Calabasas Village Mobile Estates is a well-maintained and beautiful community situated just minutes from the best schools and world-famous Malibu beaches. Residents enjoy access to surfing and hiking and bike trails as well as exclusive access to community features such as a heated pool and spa, basketball and tennis courts, clubhouse, sauna, fitness center, dog park and landscaped grounds. The all-ages community is pet- and family-friendly with easy access to schools, recreation, shopping and entertainment. 

“In a turbulent market, having a stable of life insurance lenders and the government agencies ready to take our call adds a lot of value,” Radich said. “We were able to provide that with a certainty of execution to best suit our client’s needs.”