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NEWPORT BEACH, CALIF. — Meridian Capital Group has negotiated $17.8 million in bridge financing for the purchase of a marina and mixed-use portfolio located at 2751 and 2801 Coast Highway and 2620 Avon St. in Newport Beach.
The three-year, non-recourse loan features floating-rate, interest-only payments for the full term and two one-year extension options. A bridge lender provided the capital.
The portfolio consists of three retail-oriented properties, a 24-slip marina and an off-site parking lot. The properties total 29,350 square feet and house Billy’s at the Beach and The Ritz restaurant.
Brandon Harris of Meridian Capital Group negotiated the financing for the undisclosed borrower.