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Los Angeles

Geoff Palmer secures $234M refi on DTLA apartment portfolio

The 2 properties have a combined 900 units

Medici and Geoff Palmer (Credit: Getty Images)
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.

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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.

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