Recent Transactions

Seth Ludwick and Thomas Rudinsky of PSRS arranged the $3.5 million acquisition financing of a trophy mixed-use property in Summerland, California. The subject property is an 8,500-square-foot assemblage of residential and retail buildings on two contiguous parcels. The borrower initially acquired one of the parcels in 2020 and just recently closed on the adjacent parcel, courtesy of this financing. Both parcels support the borrower's operating retail business and have brought renewed vibrancy to the submarket. Placed with one of our correspondent life insurance companies, PSRS provided this buyer/borrower with a seven-year loan term and a 30-year amortization. The financing structure - including the adjacent property as collateral - allowed the client to finance the new acquisition fully and secure its operating business for the foreseeable future.

Jacob Lee and Thomas Rudinsky of PSRS arranged the $6.9 million refinance of a multifamily property in Los Angeles, California. The subject property is a garden apartment complex containing 12,980 SF of rentable area with 24 residential apartment units. Built of wood-frame construction, the subject property contains one residential building that is two stories tall. PSRS provided its borrower with non-recourse bridge financing, with a 12-month term, no prepayment penalty, and 100% of the cost financed.

Grady Seldin of PSRS successfully arranged a $4.0 million refinance for a manufactured housing community in Santa Rosa, California. The property, a 55-lot mobile home park spanning approximately 3.69 acres, presented unique financing challenges due to its composition. About 40% of the rentable lots had park-owned homes, exceeding the typical agency threshold of 25%, which disqualified the property from Fannie Mae or Freddie Mac financing.

Drawing on PSRS's strong relationship with one of its correspondent life insurance companies, the deal overcame these limitations. Unlike agencies or traditional lenders, the life company offered more flexible underwriting standards, particularly regarding park-owned home percentages. This marks the second time the life company financed the park, reaffirming their confidence in the property and its management.

The refinance brought the loan balance back up to its original amount of $4.0 million, extended the amortization period to 25 years, and provided cash-out proceeds to the borrower. This outcome highlights PSRS's ability to deliver creative and client-focused financing solutions, ensuring long-term value and success.