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The Real Deal Los Angeles

Geoff Palmer secures $234M refi on DTLA apartment portfolio

The 2 properties have a combined 900 units
By Natalie Hoberman | February 09, 2018 10:45AM

Medici and Geoff Palmer (Credit: Getty Images)

Real estate billionaire Geoff Palmer has landed a $234 million refinance on a two-property multifamily portfolio in Downtown Los Angeles.

The properties include the 632-unit Medici Apartments at 725 S. Bixel Street and the 296-unit Orsini Apartments at505 N. Figueroa Street. Both were constructed in 2001.

Freddie Mac provided the 10-year fixed-rate loan, according to Real Capital Analytics. Freddie provided $156 million for the Medici and $78 million for the Orsini. It provided the previous loan, as well.

Palmer also owns the Skyline Terrace Apartments, Pasadena Park Place, River Ranch Townhomes in Santa Clarita and the Terrace, also in Santa Clarita. He landed a $267 million combined refinance on those properties in November.

Palmer, who has an estimated personal fortune of $2 billion, has developed more than a thousand apartments in the Santa Clarita Valley.

George Smith Partners’ principal and co-founder Gary M. Tenzer secured financing on behalf of Palmer.