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The Real Deal Los Angeles

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

The multifamily developer also has several projects in Downtown Los Angeles
By Natalie Hoberman | June 18, 2018 04:00PM

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.