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PALM SPRINGS, CALIF. — Walker & Dunlop has structured $10.8 million in financing for Prism Multifamily Group’s acquisition of Latitude 33, a multifamily property in downtown Palm Springs. Alison Williams, Mark Grace and Matt Baldwin of Walker & Dunlop arranged the financing.
Built in 1965, Latitude 33 operates under a 99-year ground lease that is regulated by the United States Department of Interior of Indian Affairs. The 121-unit property underwent a comprehensive renovation and repositioning in 2016. On-site amenities include a resort-style swimming pool, grilling stations and a private courtyard with shade sails.