California + Los Angeles + Finance | June 26, 2023

Newmark arranged a $947-million loan on behalf of Prime Residential for Los Angeles’ historic Park La Brea, the largest apartment community on the West Coast

$947M Loan Goes to West Coast’s Largest Apartment Complex

Newmark Group secured a $947-million loan for Los Angeles’ historic Park La Brea, the largest apartment community on the West Coast. A Newmark team sourced financing on behalf of repeat borrower Prime Residential to retire existing debt. Freddie Mac expects to securitize the loan through its K-Deal program.

Executive vice chairman Mitch Clarfield, vice chairman Ramsey Daya, executive managing director Chris Moritz and VP Alec Newman led the financing on the 4,249-unit property.

“We received interest from many different capital sources on extremely competitive terms,” said Clarfield. “Ultimately, the surety of close and the history of collaboration between Prime, Freddie Mac and Newmark gave Prime the comfort to proceed in turbulent times and get the 10-year fixed rate loan across the finish line.”

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Newmark's Clarfield

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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