Walker & Dunlop, Inc. announced that it has arranged a $168 million loan to refinance Park Sierra, a 776-unit, Class B, garden-style apartment building in Santa Clarita, California.
The financing was arranged by Walker & Dunlop’s California Multifamily Finance team, led by Trevor Fase, on behalf of G.H. Palmer Associates. Fannie Mae provided the financing package.
“We are thrilled to continue our long-standing partnership with G.H. Palmer, a valued repeat client,” said Trevor Fase, senior managing director of Multifamily Finance at Walker & Dunlop. “G.H. Palmer has consistently demonstrated a strong commitment to developing and preserving affordable housing in Santa Clarita. With 97% of the units at Park Sierra qualifying as ‘Mission-Driven,’ this community plays an essential role in providing quality, affordable housing in the market, and we’re proud to help support that mission.”
Originally developed in 1987 by G.H. Palmer Associates, the property consists of 97 one-bedroom and 679 two-bedroom apartments. Approximately 40% of the units have been rehabilitated, with significant additional capital investment planned as the team continues to execute on its vision of providing quality workforce housing in Santa Clarita.
“Walker & Dunlop consistently demonstrates the highest level of professionalism in all of their transactions,” said Chuck Merrel, chief financial officer at G.H. Palmer Associates. “They are always willing to go above and beyond expectations, ensuring that they deliver the best possible results. Their commitment to excellence and attention to detail make them a trusted and invaluable partner for us.”
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
