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Newmark Secures $947 Million Loan for Park La Brea Apartments in Los Angeles, California
Freddie Mac Continues Financing Support for Workforce Housing in Historic Rental Community LOS ANGELES, June 26, 2023 /PRNewswire/ -- Newmark1 Group, Inc.
About this update from Newmark Group, Inc.
[{"type":"text","content":"Freddie Mac Continues Financing Support for Workforce Housing in Historic Rental Community\nLOS ANGELES, June 26, 2023 /PRNewswire/ -- Newmark1 Group, Inc. (Nasdaq: NMRK) (\"Newmark\" or \"the Company\"), a leading adviser and service provider to large institutional investors, global corporations, and other owners and occupiers of commercial real estate announces it has secured a $947 million loan for Los Angeles' historic Park La Brea, the largest apartment community on the West Coast. Newmark sourced financing on behalf of repeat borrower Prime Residential (\"Prime\") to retire existing debt. Freddie Mac expects to securitize the loan through its K-Deal program.\n\n \n \n \n \n \n \n\n \nNewmark Executive Vice Chairman Mitch Clarfield, Vice Chairman Ramsey Daya, Executive Managing Director Chris Moritz and Vice President Alec Newman led the financing.\nThe 4,249-unit property is rent-controlled and includes 18 high-rise towers and 175 garden-style buildings spread over 144 acres. Approximately 10,000 residents live in the community, which resembles a small city with 24-hour security patrol, landscaped courtyards, fitness trails, a Wi-Fi café, movie theater, dry cleaner, electric car charging and fitness centers.\n\"Park La Brea, the largest housing community west of the Mississippi, is an iconic Los Angeles asset. This was a historic financing that contains a variety of custom features, including the flexibility to construct a significant number of Accessory Dwelling Units (ADUs) on the property, which will contribute towards addressing the state's housing and affordability crisis\" Clarfield stated. \"We received interest from many different capital sources on extremely competitive terms. Ultimately, the surety of close and the history of collaboration between Prime, Freddie Mac and Newmark gave Prime the comfort to proceed in turbulent times and get the 10-year fixed rate loan across the finish line.\"\n\"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,\" said Steve Lineberger, Vice President Freddie Mac Multifamily Production and Sales. \"Working with two great partners in both Newmark and Prime Residential, we are pleased to continue to help support workforce housing via this vital multifamily community that...