G.H. Palmer Receives $158.8M Refinancing for 752-Unit Apartment Property in Santa Clarita
SANTA CLARITA, CALIF. — G.H. Palmer, a Southern California-based commercial real estate developer, has closed on $158.8 million in financing for Colony Townhomes, multifamily property located at 17621 Pauline Court in Santa Clarita.
The property features 752 apartments in a mix of two- and three-bedroom layouts with personal garages. On-site community amenities include a fitness center, swimming pool and spa, and a picnic area.
Gary Tenzer of George Smith Partners (GSP) arranged the financing for borrower. The new loan replaces a HUD loan, previously arranged by GSP, with a remaining term of 23 years and pre-payment penalties in place. The interest-only, non-recourse loan is fixed at a rate of 4.29 percent for a 10-year term. The loan represents 65 percent to value.