MARINA DEL RAY, CALIF. — BWE has secured $43.4 million in acquisition financing for Villa Del Mar, a multifamily property in Marina del Ray. Initially constructed in 1872, Villa Del Mar consists of four three-story apartment buildings over at-garage parking, a five-story parking structure and a 209-slip marina. The property offers 198 one- and two-bedroom apartments with hardwood-style flooring, marina-view balconies and in-unit washers/dryers. Community amenities include a clubhouse, fitness center, pool and spa, basketball and tennis courts and barbecue areas.
Mike Guterman of BWE arranged the acquisition financing from a life company on behalf of VDM Partners. The loan features a five-year, fixed-rate term with prepayment flexibility and two years of interest-only payments.