Newmark secures $947m loan for Park La Brea Apartments in Los Angeles

Newmark Group announced it has secured a $947 million loan for Los Angeles' historic Park La Brea, the largest apartment community on the West Coast. Newmark 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.

The 4,249-unit property is rent-controlled and includes 18 high-rise towers and 175 garden-style buildings spread over 144 acres. Approximately 10,000 residents live in the community, which resembles a small city with 24-hour security patrol, landscaped courtyards, fitness trails, a Wi-Fi café, movie theater, dry cleaner, electric car charging and fitness centers.

"Park La Brea, the largest housing community west of the Mississippi, is an iconic Los Angeles asset,” said Mitch Clarfield, executive vice chairman at Newmark. “This was a historic financing that contains a variety of custom features, including the flexibility to construct a signi