
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