Park La Brea Locks Down $947M Loan
Prime Residential, the owner of the massive Park La Brea multifamily complex in Mid-Wilshire, secured a $947M loan to retire its existing debt on the property.
The lender is Freddie Mac, which is expected to securitize the loan through its K-Deal program, according to a release from Newmark. The financing is a 10-year, fixed-rate loan, and additional terms weren't disclosed.
Newmark Executive Vice Chairman Mitch Clarfield, Vice Chairman Ramsey Daya, Executive Managing Director Chris Moritz and Vice President Alec Newman led the financing.
Built in the mid-20th century, Park La Brea holds about 4,200 units in high-rise towers and garden apartments, housing about 10,000 people.
The property falls under the city's rent stabilization ordinance and is 95.5% occupied. Park La Brea also has "the flexibility to construct a significant number of Accessory Dwelling Units (ADUs) on the property," the release says.
"By continuing to support financing for Park La Brea, we are ensuring that many Los Angeles families have a safe, affordable place to live in this historic community,” Freddie Mac Multifamily Production and Sales Vice President Steve Lineberger said in a statement.
