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Newmark arranges $58 million Fannie Mae loan for Everleigh San Clemente
The 150-unit active-adult community, completed in 2023, is positioned to benefit from nearby Dana Point Harbor redevelopment, which Newmark pegs at more than $600 million.
Newmark arranged a $58 million loan backed by Fannie Mae for Everleigh San Clemente, a newly constructed 150-unit Class A active-adult (55 plus) apartment community in San Clemente, according to ConnectCRE.
ConnectCRE said the financing was arranged by Newmark vice chairman Lee Redmond, managing director Alec Newman and VP Nick Schroeder on behalf of an institutional-level joint venture borrower.
Newmark attributed lender interest and favorable terms to the property’s strong sponsorship, institutional-quality construction, and its location in a supply-constrained submarket, ConnectCRE reported.
Everleigh San Clemente was completed in 2023 and is located in one of Orange County’s most sought-after residential markets, with Newmark also pointing to the ongoing revitalization of the nearby Dana Point Harbor redevelopment project, described as a $600 million-plus initiative.