The LA-based apartment builder received the loan from New York-based Teachers Insurance and Annuity Association. The developer's Beverly Premiere complex will get $20.1 million. The 100-unit facility recently underwent extensive renovation.
The remaining $26 million will be split between Premier Hills, an 80-unit building in Woodland Hills, and Premiere Willis, a 70-unit complex in Sherman Oaks.
The transaction, which was structured on a 10-year term, with a 30-year amortization schedule, is the first phase of a financing arrangement that PCS has arranged with TIAA, says PCS president/CEO Paul Jennings.
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