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California  + Inland Empire  + Finance  | 

Acquisition Financing Arranged for Recently-Renovated MF in Palm Springs

Walker & Dunlop structured roughly $10.8 million in financing for Prism Multifamily Group’s acquisition of Latitude 33, a 121-unit, Class A multifamily property in downtown Palm Springs, CA. It is the investor’s initial entry into the California market.

The property is located in an area undergoing a renaissance from a vacation destination to a year-round locale. The newl-renovated Latitude 33 is an important addition to an area with only nine market-rate apartment communities with 100 or more units in each – adding vital capacity to a supply-constrained market.

Originally built in 1965, the property underwent a comprehensive repositioning and renovation in 2016. Latitude 33 operates under a 99-year ground lease that is regulated by the U.S. Dept. of the Interior Bureau of Indian Affairs.

Walker & Dunlop’s Fannie Mae financing expertise ensured the property’s ground lease was consistent with lending requirements. Walker & Dunlop’s Alison Williams, Mark Grace and Matt Baldwin led the financing team.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Financing
  • ◦Sale/Acquisition
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