Location: Wilmington, CA Loan Amount: $1,500,000 Loan Type: Re-finance Asset Type: Retail Lender: Life Insurance Company
Transaction Details
Michael Tanner and Jonny Soleimani of the PSRS LA office arranged the $1.5M refinance of a retail plaza in Wilmington, CA. The retail lot is composed of a one-story building totaling 6,500 square footage of retail space. Executed with one of our correspondent life insurance company lenders, this loan was non-recourse with a 10-year term and 30-year amortization schedule. Not one tenant has requested rental relief during the current Covid-19 pandemic.
Phoenix Commerce Center
Location: Phoenix, AZ Loan Amount: $6,000,000 Loan Type: Re-finance Asset Type: Industrial Lender: Life Insurance Company
Transaction Details
Kostas Kavayiotidis and Jacob Lee of PSRS arranged the $6 million refinance of a six-building industrial center in Phoenix, Arizona. The subject property is a grouping of industrial warehouses that total 131,000 square feet. Executed with one of our correspondent life insurance company lenders, this loan was a non-recourse, fixed-rate, 20-year term and a 20-year amortization. This is a unique loan product that gives the borrower a fixed rate throughout the life of the loan and ends with the property free & clear.
CRE Article Highlight of the Week
Berkadia's Powerhouse Poll Cites Current Opportunities, Predicts 2021 Recovery Berkadia’s 2020 Mid-Year Powerhouse Poll finds that the initial concerns about the COVID-19 pandemic’s impact on multifamily real estate have not been realized, and Berkadia mortgage bankers and investment sales experts agree that while activity may not return to “normal” until 2021, opportunities still exist in the current climate. Click the link above to read more.
