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September 20
1954 - C-46 cargo plane crashes at Saugus Drunk Farm; Civil Air Patrol chaplains parachute to safety [story]
chaplains


G.H. Palmer, a Southern California-based commercial real estate developer, has closed on $158.8 million in financing for Colony Townhomes, a multifamily property located at 17621 Pauline Court in Santa Clarita.

The property features 752 apartments in a mix of two- and three-bedroom layouts with personal garages. On-site community amenities include a fitness center, swimming pool and spa, and a picnic area.

Gary Tenzer of George Smith Partners (GSP) arranged the financing for borrower. The new loan replaces a HUD loan, previously arranged by GSP, with a remaining term of 23 years and pre-payment penalties in place. The interest-only, non-recourse loan is fixed at a rate of 4.29 percent for a 10-year term. The loan represents 65 percent to value.

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7 Comments

  1. Sherri says:

    So, what does this mean? Does this mean that ALL of the contracts for all of the apartments that you own in Santa Clarita that have been on the program are now cancelled to refinance this property? So, what will happen to the other apartments / and the other residents that are on the program at the time it was refinance? Is this refinance going to affect them?

  2. Debi says:

    Does he also own the Terrace and Village apartment homes? Are they HUD? How does one get HUD? I don’t understand how some pay so little for a $2000.00 per month condo apartment, and some of us are forced to pay the price quoted. This is not fair.

  3. jim says:

    Gee folks, what do you expect from a press release? Maybe it has something to do with the new Vista Canyon Ranch (or whatever they’re currently calling it)which will bring the new “embedded” Metrolink station right up against this current property. Shouldn’t that drive up the values of the local rentals? Even if the minimum parking there won’t handle all of the load?

  4. Sherri says:

    Debi, yes they do own the Village and the Terrace. They have been on the HUD program but not sure if they still have it or not. Last I heard they didn’t. Since they have cancelled out the HUD contract this may affect all the apartments he owns that has been on the HUD program.

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