Bethesda, Maryland – August 20, 2018
Walker & Dunlop, Inc. announced today that it has structured $10,806,000 in financing for Prism Multifamily Group’s acquisition of Latitude 33, a 121-unit, Class A multifamily property in downtown Palm Springs, California.
Latitude 33 holds significance for Palm Springs, which is home to only nine market-rate apartment communities with 100 or more units each, making for an important investment in a supply-constrained market. Palm Springs has demonstrated consistent rent growth and strong occupancies, which reflect a growing demand in an area that has been gaining in popularity and has benefited from a resurgence in tourism.
“Prism Multifamily Group is excited to be able to enter the California market with our acquisition in Palm Springs. We feel that the Coachella Valley – and Palm Springs in particular – is maturing from a seasonal vacation spot to a year-round place to live,” said Mark Zolty, President of Prism Multifamily Group.
Built in 1965, Latitude 33 operates under a 99-year ground lease that is regulated by the United States Department of the Interior Bureau of Indian Affairs. The property underwent a comprehensive renovation and repositioning in 2016. Since then, Latitude 33 has generated high demand and has maintained a strong competitive advantage due to its excellent downtown location.
Walker & Dunlop played an important role in this transaction, utilizing its deep expertise in Fannie Mae financing to ensure the property’s ground lease was consistent with lending requirements, which laid the foundation for a timely and efficient closing process. The Walker & Dunlop team was led by Alison Williams, Mark Grace, and Matt Baldwin, who noted that “this property has a lot to offer both for residents and for the surrounding community, and we are honored to have played a role. This complex transaction required diligence, attention to detail, and coordination amongst several parties to facilitate a smooth transfer of ownership.”
Latitude 33 features lavish amenities such as a resort-style swimming pool, grilling stations, and a private courtyard with shade sails. It is ideally situated just steps from restaurants, nightlife, and entertainment in Palm Springs.
Walker & Dunlop is a leader in the multifamily finance space – ranking among the top five largest multifamily lenders for Freddie Mac and the Department of Housing and Urban Development (HUD), and the #1 Fannie Mae multifamily lender in 2017. The firm’s GSE originations have also increased by 41.3 percent from 2016 to 2017. For more information about Walker & Dunlop’s financing options and our capabilities, visit our website and read the following press releases:
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 650 professionals in 29 offices across the nation with an unyielding commitment to client satisfaction.