Supporting Workforce Housing in the Heart of L.A.

Miracle Mile, a busy and upscale neighborhood in West Los Angeles, is known for many things, including world-class museums, popular shopping spots, high-rise office buildings and the Ice Age fossils at the La Brea Tar Pits. What it is not known for is affordable housing options. 
 
That’s why supporting affordability in this key location is so important. And when it’s at the largest apartment community on the West Coast — with approximately 10,000 residents — it’s a big win.
 
Freddie Mac recently funded a $947 million refinance for Park La Brea Apartments, working with Optigo^® lender Newmark and Select Sponsor Prime Residential.

The property, with more than 4,200 apartments, is rent-controlled and includes 18 high-rise towers and 175 garden-style buildings spread over 144 acres. Resembling a small city, the community has 24-hour security patrol, landscaped courtyards, fitness trails, a Wi-Fi café, movie theater, dry cleaner, electric car charging and fitness centers. 

We initially funded a loan for Park La Brea back in 2015. Once again, we are happy to partner in a refinance which supports the continued upkeep and quality of the property, as well as its history of providing units affordable to moderate-income families in a high-cost market.

Prime Residential has invested more than $200 million in capital improvements over the last 15 years alone. Importantly, 46% of the units currently qualify as mission driven with rents deemed affordable based on FHFA's requirements and published metrics.
 
The deal terms include the flexibility to construct a significant number of accessory dwelling units on the property, which will further contribute to addressing the housing supply shortage driving the affordability crisis.
 
By continuing to support financing for properties like Park La Brea, we are making home possible in one of the country’s most expensive markets.