Northmarq arranges $8.28 million refinance of Park Place Apartments in Lancaster, CA

LOS ANGELES (July 11, 2024) — Zalmi Klyne, senior vice president and managing director of Northmarq’s Los Angeles Debt + Equity team, successfully secured the internal refinance of a 47-unit multifamily property for $8.28 million. Park Place Apartments was built in 1984 and features 10 two-story buildings.

Northmarq arranged financing on behalf of the borrower, a private investor, through its in-house Fannie Mae DUS team. The transaction was structured on a 5-year term, 3 years interest only, with a 30-year amortization schedule.

Located in one of Antelope Valley’s largest cities, Park Place Apartments offers luxury two- and three-bedroom apartment homes. Each unit features state-of-the-art kitchens, vinyl plank flooring, washer/dryer hookup and a two-car attached garage. Residents enjoy easy access to Greater Los Angeles’ major employers, amenities and recreation as well as community amenities like a resort-style swimming pool and courtyard.