Geoff Palmer Secures $120M for Downtown LA Apartments
By Greg Cornfield October 26, 2022 11:00 am
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Geoffrey Palmer has secured $120.1 million in refinancing for the Da Vinci Apartments, a 526-unit development in Downtown Los Angeles.
Walker & Dunlop provided the 10-year, fixed-rate loan for 4.38 percent with interest-only payments for the first seven years, records show. The five- and six-story residential complex was completed in 2015 at 909 West Temple Street just south of the interchange of the 110 and 101 freeways, and it is 98 percent occupied.
George Smith Partners (GSP) announced the loan but declined to disclose the names of the lender and borrower.
“Despite Los Angeles’ COVID-based eviction and rent-control issues, GSP was able to work with the lender to underwrite the NOI to accomplish the targeted loan amount,” Gary M. Tenzer, GSP principal and managing director, said in a statement.
According to Colliers’ third-quarter multifamily report, downtown’s multifamily stock is about 95 percent occupied with an average monthly rent of $2,178 per month. Some studio units at Da Vinci Apartments are listed online at $2,390 per month.
The building features a conference room and a business center, a basketball court, a heated swimming pool, a 24-hour fitness center, a dry sauna, tanning beds and more. It’s near the Music Center, Disney Concert Hall, the Museum of Contemporary Art and Grand Park.
Tenzer and Dasha Savchenko advised on the financing for GSP.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
