$10,500,000 Refinance of a Multifamily Property in North Hollywood, California.
FINANCED Vanowen Apartments
Property Type:Multifamily Lender: Life Insurance Company City:North Hollywood, California Size:35 Units Term:10-year loan, 30-year amortization
Michael Tanner and Tony Messiah of PSRS arranged the $10.5 million refinance of a multifamily property in North Hollywood, California. The subject property is a five-story apartment building consisting of 35 units and 64 parking spaces. The building's amenities include a gym, lounge, roof deck, courtyard, and BBQ area. Financed with one of our correspondent life insurance companies, PSRS provided its borrower with a non-recourse loan with a 10-year term and 30-year amortization.
$2,780,000 Refinance of Two Popeyes Locations in Farmington, New Mexico, and Clovis, New Mexico.
FINANCED Popeyes New Mexico
Property Type:Retail Lender:Credit Union City:Farmington, NM & Clovis, NM Size:3,410 SF & 3,341 SF Term:5+5+5-year term, 30-year amortization
Ryan Frankman of PSRS arranged the $2.78 million financing of two Popeyes locations in New Mexico. Construction take-out/acquisition financing was provided for the Popeyes located in Clovis, New Mexico, which has a rentable area of 3,410 SF and holds 30 parking spaces. Acquisition financing was provided for the Popeyes located in Farmington, New Mexico, which has a rentable area of 3,341 SF and holds 28 parking spaces. Financed with credit union execution, PSRS provided its out-of-state borrower a sub-7% rate loan with zero prepayment penalty and was able to overcome hurdles during one of the quickest-rising treasury markets in the last 15 years. The loan provided was a 5+5+5-year term with a 30-year amortization.
$1,965,000 Cash-Out Refinance of a Multifamily Property in San Diego, California.
FINANCED Felspar Apartments Lender:Bank City:San Diego, California Size:8 Units Term:Five-year fixed, two years of interest only
Jen Mustard of PSRS arranged the $1,965,000 cash-out refinance of a multifamily property in San Diego, California. The subject property is an apartment property containing eight units and eight garage spaces making up a total of 6,424 square feet. The apartments are a mix of two-bedroom one-bath and three-bedroom two-bath units. Financed with bank execution, PSRS provided its borrower with a five-year fixed rate term with two years of interest only, step-down prepay over the first three years, and then 1% for two years. This allowed the borrower cash flow and time to hold the property and see where the rates end up over the next five years.
$2,700,000 Hotel-to-Multifamily Conversion of a Property in Taos, New Mexico.
FINANCED Sun God Lodge Lender:Debt Fund City:Taos, New Mexico Size:38 Units Term:18-month interest-only
Jonny Soleimani and Thomas Rudinsky of PSRS arranged the $2.7 million hotel-to-multifamily conversion of a property located in Taos, New Mexico. The subject property is a value-add opportunity that the borrower is going to convert into a garden-style apartment complex. It has a proposed 38-unit conversion consisting of five single- and two-story buildings formerly utilized as a lodging facility. The buildings were built circa 1950, were remodeled approximately 30 years ago, and are currently vacant and in fair condition. The buyer is planning on refurbishing and remodeling the existing improvements. Financed with debt fund execution, PSRS provided its borrower with an 18-month interest-only loan term.
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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.
