The owner of Park Sierra, part of a community of multifamily units in Canyon Country known as “Jakes Way,” recently announced a $168 million loan for the 776-unit Class B apartment complex.
The funding from Walker & Dunlop was to “continue capital improvements to the property so that they continue to offer quality and competitive housing to the area,” according to Cameron Thomas, a representative for the project, in a recent email.
“We are thrilled to continue our long-standing partnership with G.H. Palmer, a valued repeat client,” said Trevor Fase, senior managing director of multifamily finance at Walker & Dunlop. “G.H. Palmer has consistently demonstrated a strong commitment to developing and preserving affordable housing in Santa Clarita.
“With 97% of the units at Park Sierra qualifying as ‘mission-driven,’ this community plays an essential role in providing quality, affordable housing in the market, and we’re proud to help support that mission,” he said, referring to the affordable housing component.
Built in 1987 by G.H. Palmer Associates, the property consists of 97 one-bedroom and 679 two-bedroom apartments, according to the builder.
Approximately 40% of the garden-style affordable-housing units have been rehabilitated.
“Class B apartments are still relatively new — only 15 to 20 years old,” according to a description of the classification on ApartmentGuide.com. “They may need some updates, but generally, they’re in good condition. Most Class B properties offer amenities and locations in safe, clean and desirable neighborhoods.”
G.H. Palmer, a Beverly Hills-based developer, owns a portfolio of 15,039 Southern-California apartment units, which the company estimates to be worth more than $6 billion.
