$35,000,000 Refinance of the Portofino Hotel and Marina in Redondo Beach, California.
FINANCED Portofino Hotel and Marina
Property Type: Hotel & Marina
Lender: Debt Fund City: Redondo Beach, CA Size: 161 Rooms, 181 Slips Term: Non-recourse; seven-year Interest-only
Michael Thorp and Ari Zeen of PSRS arranged the $35 million refinance of the Portofino Hotel and Marina in Redondo Beach, California. The subject property is a 161-room, independent, hotel offering a full-service restaurant and lounge, a lobby bar, and an 181-slip full-service marina and fuel dock with a 19-unit apartment building and a marina shop that is hotel-operated. Financed with debt fund execution, PSRS provided its borrower a non-recourse loan, with a seven-year interest-only term. This was a structured loan consisting of both senior and mezzanine financing to allow the sponsor to refinance out of expensive short-term debt.
$5,000,000 Refinance of Six Non-contiguous Retail Properties in Riverside and San Bernardino, CA.
FINANCED Retail Portfolio
Property Type: Retail
Lender: Credit Union City: Riverside & San Bernardino Size: 38,000 SF Term: 5-years fixed rate; 30-year amortization
Michael Warner of PSRS arranged a $5 million portfolio loan refinance of 38,000 square feet of six non-contiguous retail properties in the Riverside and San Bernardino counties of Southern California. This portfolio enabled the borrower to cash out and restructure high-interest-rate private financing. Financed with a local Credit Union, PSRS provided the borrower with 5 years of fixed-rate financing amortized over 30 years and no prepayment language.
$2,200,000 Acquisition Financing of a Retail Property in Sparks, Nevada.
FINANCED Shops at Sparks Marina
Property Type: Retail
Lender: Life Insurance Company City: Sparks, NV Size: 9,058 SF Term: Non-recourse; 30-year term
Jim Mulvihill, Kevin Mulvihill, and Mike Argier of PSRS arranged the $2.2 million acquisition financing of a retail property in Sparks, Nevada. The subject property is a 9,058-square-foot, multi-tenant retail building built in 2013. The subject is a retail pad in a shopping center anchored by Target. Property tenants include Chipotle, Buffalo Wild Wings, and The Joint Chiropractic. Financed with one of our life insurance company correspondents, PSRS provided its borrower with the acquisition financing for this 1031 Exchange and helped ensure that the closing timeline for the property purchase was met. The loan was non-recourse with a 30-year term.
About PSRS Founded in 1972, PSRS is a commercial mortgage banking firm that helps real estate investors of all sizes structure and secure financing solutions that align with their investment goals.
