NEWPORT BEACH, CA—Karlin Real Estate provided a trio of local developers, operating as Newport Center Anacapa Associates, with a $7 million senior credit facility to help finance the acquisition of Beacon Bay Auto Wash, a 44-year-old operating car wash on 1.26 acres of developable land here. The new owners plan to re-entitle the property with plans to build a boutique hotel with views of the Pacific Ocean.
The transaction is valued at approximately $12.5 million.
Located at 150 Newport Center Drive, the project is directly across the street from Fashion Island, which recently completed a $400 million renovation.
The new project is included in the City of Newport Beach General Plan that is expected to be complete by the end of 2014.
Karlin funded the bridge loan within weeks of application. “We had incredible pressure to get the transaction closed and Karlin really stepped up when it mattered.” stated Michael Lutton, one of Anacapa Associates three partners.