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PACIFIC URBAN RESIDENTIAL RECEIVES $31M TO ACQUIRE PARK TOWERS IN PALO ALTO

PALO ALTO, CALIF. – Pacific Urban Residential has received $31 million in acquisition financing for the 90-unit Park Towers apartment complex in Palo Alto. The community is located at 535 Everett. It is walking distance to University Avenue and Stanford University.

The six-story apartment building was originally developed in 1964. Park Towers’ amenities include subterranean parking, pool and a fully equipped gym.

The first-mortgage financing was provided by Mesa West Capital. Mesa West also provided a $20.4-million, first-mortgage loan to California Landmark Group for the acquisition and repositioning of the 80-unit Woodlark Apartments in Larkspur. The 11-building complex is located at 965 Magnolia Ave. It was built in 1962.

The sponsor plans to utilize a portion of the loan proceeds on renovations and improvements. This will include new appliances, cabinets, laminate flooring, paint, stone countertops, and the installation of washers and dryers in each unit, as well as a new gym and leasing office.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Pavlov Media
‣ Walker & Dunlop

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