Newmark Group recently secured a $947-million loan for Los Angeles’ historic Park La Brea, the largest apartment community on the West Coast. The team sourced financing on behalf of repeat borrower Prime Residential to retire existing debt, with Freddie Mac expecting to securitize the loan through its K-Deal program. Executive vice chairman Mitch Clarfield, vice chairman Ramsey Daya, executive managing director Chris Moritz and VP Alec Newman led this financing effort for the 4249-unit property.
Clarfield commented that “we received interest from many different capital sources on extremely competitive terms.” He further noted that “ultimately, the surety of close and history of collaboration between Prime Residential, Freddie Mac and Newmark gave Prime comfort in turbulent times to get their 10 year fixed rate loan across the finish line”. This successful transaction highlights how Newmark is able to provide expert services during challenging market conditions while helping clients achieve their goals.
