Eagle Group Finance provided Premier Apartments, L.P. with $7 million in short-term debt to refinance a portfolio of five low-income multifamily assets in South Los Angeles. In addition to refinancing, the one-year, interest-only loan will be used for general property upgrades for a mix of 120 studio, one-, two- and three-bedroom apartments that qualify for Section 8 housing assistance. The portfolio is 100 percent occupied.
“Section 8 Housing must meet specific housing quality standards and our financing allows Premier to continue offering safe and affordable rental housing,” said President Brian Good.
Premier is an experienced multifamily home owner and operator with a particular focus on providing much-needed housing for low-income tenants. Premier’s multifamily portfolio includes more than 700 units in Southern California.