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OXNARD, CALIF. – The 385-unit Paz Mar Reserve apartment community in Oxnard has received a $55-million loan. The waterfront community is located at 3100 Peninsula Road in Channel Islands Harbor.
Paz Mar was 97 percent leased at the time of sale. Community amenities include a swimming pool, spa, fitness center, lounge and business center.
The 10-year, fixed-rate loan will replace an existing floating-rate loan that was through a national lender. It will also allow the owner, Prime Residential, to carry out an extensive renovation on the property.
Financing was arranged by HFF’s Peter Smyslowski through the Guardian Life Insurance Company of America.