Freddie Mac Buys $878M Loan for Park La Brea
The mortgage giant says the loan for LA's iconic Park La Brea apartment building is the largest single property loan in its history. HFF arranged the financing for Prime Residential, which is paying down previous debt on the largest apartment building on the West Coast. The 4,245-unit property was built between 1944 and 1952, but underwent renovations between 1995 and 2014. It's got about 10,000 residents between its 18 high-rise towers and 175 garden-style apartment buildings, all set on 144 acres. The HFF team was led by managing director Peter Smyslowski and included executive managing director Jody Thornton, senior managing directors Paul Brindley and Kevin MacKenzie, and managing director Charles Halladay.