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LOS ANGELES — The 379-unit Mariners Bay Apartments in the Los Angeles coastal market of Marina del Rey has received $96.4 million in acquisition financing. The community is located at 14000 Palawan Way.
Mariners Bay was built in 1975. It is one of the largest apartment and anchorage properties in Marina del Rey. The community is situated on 19 acres of land. It contains 409 boat slips.
The borrower, Legacy Partners Residential, plans to renovate the apartment homes, existing docks, waterfront promenade, common-area amenities and site landscaping.
The floating-rate bank loan was secured by CBRE’s Brian Eisendrath and Brandon Smith.