Prime Residential has reached a deal with Freddie Mac to retire the existing debt on California's largest apartment complex—Park La Brea, a sprawling Los Angeles campus that encompasses 18 multifamily towers and 175 garden-apartment-style buildings—and replace it with a $947M loan.

According to Newmark, which brokered the refi, the new 10-year, fixed-rate deal constitutes an "historic" financial package that will enable San Francisco-based Prime to add more affordable housing to the 4,249 existing units at the 144-acre complex, located on Wilshire Boulevard.

"This was [an] historic financing that contains a variety of custom features, including the flexibility to construct a significant number of accessory dwelling units (ADUs) on the property, which will contribute towards addressing the state's housing and affordability crisis" Newmark Executive Vice Chairman Mitch Clarfield said, in a statement.