Recently Closed Transactions

Grady Seldin of PSRS arranged the $9.5MM refinance of a self-storage property in South Gate, California. The subject property is a self-storage facility with approx. 1,200 units totaling 120k SF of NRA, with a one and two-story design and a current occupancy rate of 98%. It includes 50 uncovered, open RV/auto spaces and has been owner-operated since 1987. Financed with one of our correspondent life insurance companies, PSRS was able to secure for its borrower a non-recourse loan with a 10-year fixed-rate term and a 30-year amortization.

Self-storage assets in high-density markets continue to attract interest from all capital sources. The borrower decided to go with our life insurance company over CMBS options due to certainty of execution, quick rate lock with a term sheet, step-down prepay, and zero structure at close or post-closing. This was an extremely smooth process with no issues through closing.

Jonny Soleimani of PSRS arranged a $12,625,000 bridge loan for a mixed-use property in Los Angeles, California. The subject property is a four-story mixed-use building adjacent to L.A. Live & Staples Center in downtown Los Angeles. The property consists of mainly office and industrial with an adjacent parking lot. Built in 1929 with steel construction and renovated in 2009, the 153,000 SF property is 25% occupied but the borrower plans to do extensive TI work to make this a creative office campus. Financed with one of our correspondent life insurance companies, PSRS was able to secure for its borrower a three-year term with two years of interest only with extension options. The bridge loan provided was high-leverage with over $2M in discretionary cash-out.

Ricky Giancola of PSRS arranged the $3,940,000 cash-out refinance of Otay Crossroads Plaza in Otay Mesa, CA. Situated near the busiest commercial port of entry in California, the retail center benefits from a draw that extends to both sides of the US/Mexico border. Several local restaurants, AutoZone, Farmers Insurance and Baja Duty Free serve the local area which will soon host Amazon’s new 3 million square foot distribution center. Financed with credit union execution, PSRS was able to provide for its borrower a fixed seven-year term with an incredibly low interest rate and a 30-year amortization.

Ricky Giancola of PSRS arranged the $7MM acquisition financing of the Magnolia Industrial Center in Santee, CA. The property is a multi-tenant industrial building home to 45 tenants with a segment of space dedicated to office use in the front. The property’s central location at the intersection of the 52 and 67 freeways is a hub for commerce transiting between North, South, and East San Diego County. Financed with credit union execution, PSRS helped facilitate superior loan terms for its borrower with a fixed five-year term and a 30-year amortization.