$13,100,000 Loan for a Mixed-Use Building in San Diego, California.
FINANCED AIDN Apartments
Lender: Agency City: San Diego, CA Size: 48 Units Term: 10-year Term; Non-recourse
Pasha Johnson of PSRS recently arranged a $13.1M loan for a mixed-use building in San Diego, California. The project is composed of 48 multifamily units with contemporary unit designs and finishes over ground floor commercial space. The non-recourse loan was able to maximize cash flow by capitalizing on the low-interest-rate environment coupled with interest-only payments. Underwriting to an interest rate in the 2’s allowed for increased leverage from improved debt service coverage.
$9,200,000 Loan for a Mixed-Use Building in San Diego, California.
FINANCED BUZZ Apartments
Lender: Credit Union City: San Diego, CA Size: 37 Units Term: 10-year Term; Non-recourse
Pasha Johnson of PSRS recently arranged a $9.2MM loan for a mixed-use building in San Diego, California. The project is composed of 37 multifamily units with contemporary unit designs and finishes over ground floor supporting retail. The loan was able to maximize cash flow by capitalizing on the low-interest-rate environment coupled with interest-only payments. This lender program pushes proceeds higher than their Freddie/Fannie competition and allows for prepayment at any point during the loan term without penalty.
Fed Meeting Update
Fed Tees Up Taper and Signals Rate Rises Possible Next Year (Wall Street Journal)
Central bank officials prepare to reverse pandemic stimulus programs as soon as November; new projections showed half of 18 officials expect to raise interest rates by the end of 2022.
The Fed’s rate-setting committee, at the end of a two-day gathering, said in its postmeeting statement Wednesday that it could start to reduce, or taper, its $120 billion in monthly asset purchases as soon as its next scheduled meeting, Nov. 2-3.
