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.