Our producers were present to meet with dozens of lenders, primarily our correspondent Life Insurance company lenders. Read more about our Key Takeaways:
Access to Life Companies, Banks, Credit Unions, Agencies, Debt Funds, CMBS
Market Rates
CREF 2025 Key Takeaways
The 2025 MBA's Commercial/Multifamily Finance Convention and Expo took place two weeks ago, where our producers were present to meet with dozens of lenders, primarily our correspondent life insurance company lenders. Below are our top takeaways from this conference:
Strong relationships matter – Lenders are more likely to consider story-driven or unconventional deals when they come from trusted correspondents.
Beyond the numbers – While deal metrics are objective, successfully structuring creative transactions often depends on personal and professional ties.
Getting priority in a crowded market – Lenders receive a high volume of loan requests, and deals backed by proven relationships are more likely to get serious attention.
Track record builds credibility – A history of successful, issue-free loans enhances borrower confidence and increases the chances of closing.
Life Companies are set for a big year – With rates coming down and allocations increasing, Life Cos are poised to be major capital providers in 2025.
Selective but growing opportunities – Life Co's are focusing on preferred asset classes, and there are early signs of a selective rebound in Office lending.
Capital deployment is strong – Our deep network of Life Cos has ample capital to place, creating financing opportunities in an otherwise constrained market.
Lender sophistication is key – In a market where capital remains challenging to source, the adaptability and expertise of Life Co lenders are more valuable than ever.
Recent Transactions
$38,200,000 Bridge Loan to Convert Flex Property into a Self-Storage Facility in Los Angeles, California.
FINANCED DTLA Self-Storage
Loan Type:Bridge Loan Asset Type:Self-Storage Size:~150,000 SF Term:$12.8 million cash-out refinance; 18-month interest reserve
Jonny Soleimani and George Gianoukakis of PSRS arranged a $38.2 million bridge loan to convert a vacant ~150,000-square-foot flex property into a self-storage facility in Los Angeles, California. The financing included a $12.8 million cash-out refinance, fully funded construction costs, and an 18-month interest reserve, providing the borrower with the capital needed for the successful repositioning of the asset.
$10,000,000 Refinance of an Industrial Portfolio with Life Insurance Company Financing.
Michael Warner and Scott deCordova successfully closed a $10MM owner-user refinance for a three-building industrial portfolio with one of our correspondent life companies. The loan provided cash-out proceeds for working capital while refinancing existing debt through the company’s relationship lender.
The 78-year-old company faced challenges after losing a product line to a competitor, triggering a financial covenant violation with its bank—unrelated to its real estate holdings. As a result, the bank placed the company’s real estate loans on its watch list and imposed a 14% default interest rate. Additional challenges included rising Treasury rates, which peaked at 4.7% in January 2025. This was mitigated by securing an early rate lock at application in November. PSRS also navigated a complex ownership structure and historical underground storage tank issues to ensure a successful execution.
Michael’s long-standing relationship with the life company lender was instrumental in addressing perceived risks, ultimately securing a 50% recourse loan, 45% combined loan-to-value, and a seven-year fixed rate—delivered in just 65 days.
$3,000,000 Refinance for a Flex/Retail Showroom in San Diego, California.
FINANCED Morena Flex
Lender:Life Insurance Company City:San Diego, California Size:23,191 SF Term:10-year term/25-year amortization
Jen Mustard of PSRS successfully arranged a $3 million refinance for a flex/retail showroom in San Diego, California. The property is a 23,191-square-foot, freestanding, single-tenant flex/retail showroom built in 1972 and renovated in 2000. This single-story building features a loading bay and 30 parking spaces, with an interior primarily configured as open retail floor space.
PSRS secured a non-recourse, 10-year loan with a 25-year amortization through one of its correspondent life insurance company lenders. This refinance restructured a two-property loan into a single-property loan, allowing the borrower to free up one property from debt. Despite the challenges of an existing long-term tenant with only a few years remaining on their lease and the borrower’s need for non-recourse financing with entity carveouts, PSRS leveraged its strong life company relationships to navigate these hurdles. Additionally, PSRS were able to hold the rate lock through closing, circumventing a rise in interest rates since November.
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.
