Geoff Palmer with Canyon Country property (Getty)
Multifamily developer Geoff Palmer has secured a $114 million refinanced loan on three complexes in Canyon Country, located north of Santa Clarita.
Freddie Mac provided the 10-year, interest-only loan at a rate lower than 4 percent. Ory Schwartz at NorthMarq Capital arranged the financing, the company announced Monday.
The largest refinance, at $46 million, was for the Canyon Country Villas. Located at 26741 North Isabella Parkway, the multifamily property includes 328 units.
Sand Canyon Villas, a 215-unit complex at 28923 North Prairie Lane, was refinanced at nearly $35 million. A $33 million refinance was also approved for Diamond Park, a 256-unit multifamily property at 27940 Solamint Road.
This marks the third large refinancing this year for Palmer, a controversial figure in Los Angeles known for his strong stance against affordable housing.
In February, the developer secured a $234 million refinance on the Medici and Orsini apartment complexes in Downtown Los Angeles. Freddie Mac also provided that loan, arranged by George Smith Partners.
Then in June, he refinanced the Colony Townhomes apartment complex, also in Canyon Country, for nearly $159 million. Walker & Dunlop provided that loan, arranged through George Smith Partners.
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