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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.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as 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, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.