Geoff Palmer secures $159M refi on 752-unit complex in Santa Clarita

The multifamily developer also has several projects in Downtown Los Angeles

Los Angeles /
Jun.June 18, 2018 04:00 PM
Geoff Palmer, with Colony Townhomes (Credit: Getty Images, Brower Group)

Multifamily developer Geoff Palmer has secured a $158.8 million refinanced loan on his Colony Townhomes apartment complex in Santa Clarita, according to a company statement issued last week.

Located at 17621 Pauline Court in the Canyon Country neighborhood, the 752-unit apartment complex features a range of two and three-bedroom homes with personal garages. Amenities include a swimming pool, fitness center and spa.

The new loan replaces a HUD loan secured in 2010 and valued at $112 million. That loan was a refinance from the original loan for Colony. In both cases, Gary M. Tenzer, the principal and co-founder of George Smith Partners, secured financing on behalf of Palmer.

Walker & Dunlop provided the 10-year, fixed rate loan at a rate of 4.29 percent, according to Real Capital Analytics. The loan is sized at 65 percent of value.

Earlier this year, the billionaire real estate developer also secured a refinance for a two-property apartment portfolio in Downtown Los Angeles. Freddie Mac provided the 10-year, fixed-rate loan for the 632-unit Medici Apartments and the 296-unit Orsini Apartments, which combined to $234 million.

Palmer, a confidante of President Donald Trump, has earned a reputation in Los Angeles for his controversial stance against affordable housing, and for his somewhat troubled apartment buildings (his Da Vinci apartment complex in DTLA caught on fire in 2014.) Most recently, leaked documents revealed the billionaire was keeping some of his assets — including a private jet — in a tax-friendly Bermuda island.


Related Articles

arrow_forward_ios
Blackstone CEO Stephen Schwarzman (Getty, iStock)
Blackstone buys San Diego apartment complexes in $1B deal
Blackstone buys San Diego apartment complexes in $1B deal
From left: Robert Zangrillo, Geoff Palmer, Tom Barrack and President Donald Trump (Getty, iStock)
Trump’s people claim Geoff Palmer and Tom Barrack backed Zangrillo pardon
Trump’s people claim Geoff Palmer and Tom Barrack backed Zangrillo pardon
Neil Shekhter (Shekhter by Kevin Scanlon; iStock)
Santa Monica mega-portfolio officially hits market
Santa Monica mega-portfolio officially hits market
Rendering of 1411 South Flower Street (Housing Diversity Corporation)
Micro-housing to rise in DTLA Opportunity Zone
Micro-housing to rise in DTLA Opportunity Zone
Geoff Palmer and a rendering of the project (Getty)
New renderings show Geoff Palmer’s 1K-unit DTLA apartment project
New renderings show Geoff Palmer’s 1K-unit DTLA apartment project
NMS Properties' Neil Shekhter and renderings of 1325 6th Street, 1437 6th Street, 1430 Lincoln Blvd. and 1318 Lincoln Blvd. in Santa Monica (Kevin Scanlon, WSC)
City for sale: Shekhter looks to unload mega-portfolio in Santa Monica
City for sale: Shekhter looks to unload mega-portfolio in Santa Monica
300 S. Santa Fe Ave. (Google Maps)
LA’s top 5 multifamily investment sales of 2020 fell 50%
LA’s top 5 multifamily investment sales of 2020 fell 50%
From left: Jeff Worthe, Joyce Rey, Geoff Palmer, Jaime Lee and Frank Gehry (Credit: Alberto E. Rodriguez/Getty Images, Jonathan Leibson/Getty Images, Grant Smith/Construction Photography/Avalon/Getty Images)
Here are LA’s real estate players who donated to Biden and Trump in 2020
Here are LA’s real estate players who donated to Biden and Trump in 2020
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...