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Geoff Palmer lands $260M loan on Temple Street project
Goldman Sachs provided money on his largest multifamily in LA with 1,150 units
Geoff Palmer rang in the new year with a brand new $260 million loan on his largest multifamily complex in Los Angeles.
The developer and landlord, who runs G.H. Palmer Associates, secured the financing on 1000 West Temple Street, a newly built complex on the outskirts of Downtown L.A., according to property records filed in December with L.A. County. Palmer’s firm did not respond to a request for comment.
Goldman Sachs provided the single advance term loan, though specific terms were not disclosed.
The financing replaced a $335 million construction loan provided by Goldman Sachs in 2018.
Palmer hasn’t let high interest rates bother him. In October, his firm scored a $120 million, 10-year loan from Walker & Dunlop on his 526-unit complex in Downtown L.A. That loan, which is interest-only for the first seven years, bears interest at 4.38 percent.
Palmer bought the roughly 10-acre property, which used to be a Bank of America data center, from the bank in 2013, records show.
The Temple Street project, dubbed Ferrante, was initially set to include more than 1,500 apartments and about 30,000 square feet of commercial space, though it was eventually reduced to 1,150 units. After planning delays, construction on the development started in 2019 and the first phase finished last year.
Rents at the apartment complex currently range from $2,195 for a studio to $4,170 for a two-bedroom unit, according to the website for the development.
Palmer is working on building a number of other apartment projects in Downtown L.A., including a 15-story, 280-unit tower at 2321 South Flower Street.
The developer, who donated thousands to Donald Trump’s 2020 presidential campaign and an effort to recall Gov. Gavin Newsom, has been fighting tenant protections in L.A. over the last two years.
In November, Palmer lost one of his fights. A federal judge dismissed Palmer’s lawsuit that challenged the emergency eviction moratorium that was put in place by the city at the start of the pandemic.