G.H. Palmer Receives $233.6M Refinancing for Two LA Multifamily Assets
LOS ANGELES — G.H. Palmer has received $233.6 million in cash-out refinancing for two Los Angeles multifamily assets. Those assets include The Medici at 725 S. Bixel St. and Orsini I at 505 N. Figueroa St.
The Medici features studio to three-bedroom floor plans with a 24-hour doorman, complimentary tanning salon, private one-acre park, jogging track, two tennis courts, a putting green, golf driving cages, and several pools and spas. Orsini I features studio to two-bedroom apartments with complimentary yoga classes, a regulation-size indoor basketball court, a movie theatre, karaoke lounge, virtual bowling and golf, a heated swimming pool and spa, private dry saunas and steam rooms, and a rooftop pool and spa overlooking skyline views.
The 10-year, non-recourse loan closed at 4.02 percent and was sized at 60 percent of value. Gary M. Tenzer of George Smith Partners was able to arrange the loan with interest-only payments for the entire 10-year term.