LOS ANGELES-G.H. Palmer & Associates, a Los Angeles-based luxury apartment developer, has refinanced its Colony Townhomes, a 752-unit apartment complex in Santa Clarita, with a loan of $112 million. The developer received the loan from the Department of Housing and Urban Development.
The company took nearly a year to get the loan, but the terms and conditions were highly profitable. The loan-to-value is 82% and the fixed-rate loan of 3.75% is based on a 35-year amortization. For the full story, go to Los Angeles Business Journal.
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