Prime Secures $947M Loan for Massive Park La Brea Community in Los Angeles
It’s the largest apartment community on the West Coast with 18 high-rise towers and 175 garden-style buildings.
By Greg Cornfield June 26, 2023 12:40 pm
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Prime Residential has secured a $947 million Freddie Mac (FMCC) loan for Los Angeles’ historic Park La Brea community, the largest apartment property on the West Coast with approximately 10,000 residents in 4,249 rent-controlled apartments.
Newmark (NMRK) announced the financing and represented the borrower.
The property is 95.5 percent occupied with 18 high-rise towers and 175 garden-style buildings spread over 144 acres. It features courtyards, fitness trails, a café, a movie theater, a dry cleaner, electric vehicle charging stations and fitness centers.
MetLife developed Park La Brea near the Miracle Mile district between 1941 and 1950. Prime Residential acquired the property in 1995.
“Park La Brea, the largest housing community west of the Mississippi, is an iconic Los Angeles asset,” Newmark’s Mitch Clarfield said in a statement. “This was a historic financing that contains a variety of custom features, including the flexibility to construct a significant number of Accessory Dwelling Units on the property, which will contribute towards addressing the state’s housing and affordability crisis.
“We received interest from many different capital sources on extremely competitive terms. Ultimately, the surety of close and the history of collaboration between Prime, Freddie Mac and Newmark gave Prime the comfort to proceed in turbulent times and get the 10-year fixed-rate loan across the finish line.”
Newmark’s Clarfield, Ramsey Daya, Chris Moritz and Alec Newman led the financing on behalf of Prime Residential.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
