Newmark Group secured a $947-million loan for Los Angeles’ historic Park La Brea, the largest apartment community on the West Coast. A Newmark team sourced financing on behalf of repeat borrower Prime Residential to retire existing debt and secure a 10-year fixed rate loan. Freddie Mac expects 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 Newmark’s efforts in securing this financing for Prime Residential’s 4,249 unit property.
Clarfield commented: “We received interest from many different capital sources on extremely competitive terms; ultimately it was our surety of close and history of collaboration between Prime, Freddie Mac and Newmark that gave them comfort in turbulent times to get this deal across the finish line.”
