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10/23/18
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Beverly Hills-based developer G.H. Palmer Associates has obtained $114.13 mil in financing on three multifamily properties totaling 799 units in Canyon Country. The financing was arranged by NorthMarq Capital and funded through Freddie Mac’s Green Advantage program. The loans were on the following properties, all in northern L.A. County:
• Canyon Country Villas -- a 328-unit multifamily property located at 26741 North Isabella Parkway in Canyon Country, received refinancing of $46.09 mil. The transaction was structured with a 10-year, interest-only term.
• Sand Canyon Villas -- a 215-unit multifamily property located at 28923 North Prairie Lane in Canyon Country, received refinancing of $34.98 mil. The transaction was structured with a 10-year, interest-only term.
• Diamond Park -- a 256-unit multifamily property located at 27940 Solamint Road in Canyon Country, received refinancing of $33.055 mil. The transaction was structured with a 10-year, interest-only term.
The financing was arranged by NorthMarq’s Ory Schwartz. According to Schwartz, the cash-out refinancing was rate-locked at sub-4% interest rates. The new full-term, interest-only loans paid off existing bond financing and Freddie Mac supplemental loans, and provided substantial cash-out.
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