Barings Real Estate secures $115m in fixed-rate financing for California multifamily property
Barings Real Estate has secured $114.61 million in fixed-rate financing for The Ventana, a multifamily property in Playa Vista, Calif. PGIM Real Estate provided the financing on behalf of the firm’s core lending strategy.
The luxury apartments feature 405 units in a beachfront community across two four-story wood-frame residential buildings on approximately 6.2 acres of land. Residents have access to 668 structured parking spots, two clubhouses, two swimming pools, a spa, a business center and a fitness center. The property was originally built in 2007 in two phases, the first totaling 93 units and the second totaling 312 units.