The Guardian Life Insurance Company of America has provided a $55m loan to Prime Residential for its Paz Mar Reserve waterfront multi-housing community in Oxnard, California.
The 10-year fixed-rate loan will be used to retire an existing floating-rate loan and finance a property renovation.
Paz Mar Reserve, at 3100 Peninsula Road in Channel Islands Harbor, is a 97%-leased, 385-unit community with studio, one- and two-bedroom units. The community is about 35 miles west of the Los Angeles city limits, along the Southern California coast.
Prime Residential is one of the largest private owners of multifamily rental communities in the western United States, with a portfolio of circa 19,000 units.
The deal comes on the heels of Guardian Life’s acquisition of Sacramento, California-based Premier Access Insurance Co. The local office will reportedly become Guardian’s California hub, though that deal was seen as a move by Guardian to expand its Medicaid and individual marketplace health coverage.
As of 12/31/13, Guardian’s total investment portfolio consisted of more than $2.8bn of commercial mortgages (7.5% of the total allocation) and more than $1.4bn of private and real estate equity (3.8%). More than half of the assets, circa $20.52bn, was invested in fixed income assets.
HFF’s debt placement team represented Prime Residential.