Michael Tanner and Tony Messiah of PSRS arranged the $3.6 million refinance of a self-storage property in West Valley City, Utah. The subject property is a 2019-built self-storage facility consisting of seven buildings with a total building area of 55,588 square feet, of which 1,842 square feet are office space and the remaining 53,746 square feet are storage space. There are 403 rentable spaces in the facility including 3 RV parking spaces and 400 discrete spaces. These rentable building spaces include 10 high-security premium units. The property is currently 93% occupied but experiencing excellent leasing velocity. Financed with one of our correspondent life insurance companies, PSRS was able to provide for its borrower a 55% LTV loan with a 15-year term and 25-year amortization.

Pasha Johnson of PSRS arranged $35,100,000 in financing for the recapitalization of a Life Science property located in Carlsbad, CA. The addition of an institutional equity partner further strengthened the merits of the loan and allowed the lender to hold a competitive rate through the rise in treasuries to provide a non-recourse, 10-year fixed financing with no prepayment penalty.

Jonny Soleimani of PSRS arranged the $10 million refinance of a two-property portfolio comprised of special-purpose facilities in the Pico-Robertson area of Los Angeles, CA. Included in the structure for one of the deals were $2.35M in construction funding and savings of 1.5% on the term loan. Included in the other was approximately $2.1M in cash out. Financed with bank execution, the borrower was provided with non-recourse loans with a 3.75% rate and a 7-year term.

Mike Davis and David Sarnoff of PSRS arranged the $2.6 million refinance of an industrial building in San Diego, CA that was recently converted by the landlord to serve as commercial kitchen space for local vendors. The fully occupied subject property is a single-story, 4,941 SF industrial building built in 1980 of reinforced concrete construction. It enjoys 14’-16’ ceiling heights with a small mezzanine area that provides additional space for storage. The building is serviced by two 10’ x 12’ roll-up doors and has 14 reserved parking spaces that provide ample parking for tenants. The property is well situated in the Miramar submarket with a prime location fronting Commerce Avenue that offers immediate access to Miramar Road and proximity to Interstate 5 Freeway. Financed with one of its correspondent life insurance companies, PSRS was able to provide for its borrower a 5+5+5+5+5 loan term structure and a 25-year amortization at a competitive rate.