PNC Real Estate
Piero Apartments

Piero Apartments

Los Angeles' Piero Apartments Refinancing Capitalizes on Marketability and Appeal

G. H. Palmer Associates, one of Southern California's premier developers, owners and operators of multifamily communities, is a longtime PNC Real Estate client. So when the company needed a $33 million Conventional Cash Commercial Mortgage Execution permanent refinance loan on one of its properties in downtown Los Angeles, Piero Apartments, they turned to PNC.

Piero Apartments is a 225-unit mid-rise elevator-style building, which was renovated beginning in 2002, with the certificate of occupancy finalized in January 2006. The five-story apartment building sits atop a two-level parking garage, and houses one retail suite in 3,054 square feet at the southwest corner of the building. The marketability of this property has increased due to a combination of the appealing improvements and its already good visibility and location near employment and shopping centers.