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Recent Transactions
$8,500,000 Construction Financing of a Self-Storage Property in North Florida.
FINANCED Ground-Up Construction Financing
Property Type: Self-Storage
Lender: Bank Location: North Florida Size: 641 Units Term: 3.5 years Interest Only
William DeFanti of PSRS arranged the $8.5 million construction financing of a self-storage property in North Florida. The borrower plans to construct two buildings that will house 641 climate-controlled units. PSRS provided its borrower with a fixed 6.22% interest rate, 68% LTC, 3.5 years interest only, stabilized 1.25 DSCR, five-year loan term, and following IO 25-year amortization. More impressively, the borrower contributed the land as equity and did not have to bring further money to close the construction loan.
$6,500,000 Permanent Refinance of a Multifamily Property in La Mesa, California.
FINANCED Parkway Plaza
Property Type: Multifamily
Lender: Bank City: La Mesa, CA Size: 65 Units Term: Seven-year term, non-recourse, 30-year amortization
David Smyle and Daniel de Leon of PSRS arranged the $6.5 million permanent refinance of a multifamily property in La Mesa, California. The subject property is a 65-unit apartment complex offering studio, one-, two-, and three-bedroom floor plans. Amenities include a swimming pool, a sun deck, a laundry room, and on-site management. Financed with bank execution, PSRS provided its borrower with a non-recourse, 30% LTV loan with a seven-year term and 30-year amortization.
$1,250,000 Cash-Out Refinance of a Retail Property in Bluffton, South Carolina.
FINANCED Firestone Auto Care
Property Type: Retail
Lender: Life Insurance Company City: Bluffton, SC Size: 6,780 SF Term: 35% LTV, non-recourse, 10-year term, 30-year amortization
Seth Ludwick and Robert Ludwick of PSRS arranged the $1.25 million cash-out refinance of a retail property in Bluffton, South Carolina. The subject property is a 6,780-square-foot Firestone complete auto care retail location. Financed with one of our correspondent life insurance companies, PSRS provided its borrower a 35% LTV non-recourse loan, with a 10-year term and 30-year amortization.
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.
