Beverly Hills-based developer Geoff Palmer has secured a $114 million refinancing loan for three Canyon Country apartment complexes.
Announced earlier this week, NorthMarq Captial’s Ory Schwartz arranged to finance for the borrower through its Freddie Mac platform using the Green Advantage program, which helps secure better pricing and more funding for green improvements on properties.
Freddie Mac provided a 10 year, interest-only loan at a four-percent rate for each location, according to Schwartz.
“G.H. Palmer timed these cash-out refinances perfectly,” said Schwartz in a statement. “We were able to rate lock at application at sub-4-percent interest rates. The new full term interest only loans paid off existing bond financing, Freddie Mac supplemental loans and provided substantial cash out.”
The Canyon Country Villas was at $46 million, the largest refinance. The 328-unit multifamily property is located at 26741 North Isabella Parkway.
The 215-unit apartment complex Sand Canyon Villas, at 28923 North Prairie Lane, was refinanced at almost $35 million.
Diamond Park, a 256-unit location at 27940 Solamint Road, was also refinanced at $33 million.
In June, the developer secured a $158.8 million refinanced loan on the 752-unit Colony Townhomes, at 17621 Pauline Court in Canyon Country.