Recent Transactions

Michael Tanner and Tony Messiah of PSRS arranged the $62.5 million refinance of a mobile home park in Anaheim, California. The subject property is 98.5% occupied and has a unit count of 387 with mobile homes featuring single and double-wide lots and was built in 1977. In addition to padded parking spaces, there are 100 additional visitor parking spaces located throughout the property grounds. Some amenity features include paved roads, clubhouses, and a community pool and park. Financed with one of our correspondent life insurance companies, PSRS provided its borrower with a non-recourse loan with a five-year interest-only term.

Jonny Soleimani of PSRS arranged the $6 million refinance of a mixed-use property in Los Angeles, California. The subject property is a two-building, 58,138 SF mixed-use building containing 29 lofts, a parking lot, and six commercial units on 0.42 acres. The collateral was built in 1917 and is three and five stories along with 76 parking spaces. Financed with bank execution, PSRS provided its borrower a five-year loan term with a 30-year amortization with the ability to use a revolving line of credit and refinance it into a 2nd DoT with cash-out once the property is stabilized to certain pre-negotiated NOI checkpoints. All commercial tenants, about 40% of the entire building, were on a month-to-month lease. Several apartment tenants vacated during escrow.

Michael Warner of PSRS arranged the $3,285,000 cash-out refinance of an industrial-flex property in Santa Monica, California. The subject property is an 18,000 SF single-tenant research and development property. The building is two stories and was constructed in 1964 with a full renovation in 2015. The ground floor consists of specialized lab space and open creative office space with administrative space on the second floor. Financed with one of our correspondent life insurance companies, PSRS provided its borrower with a non-recourse loan with a 10+10+10-year loan term and a 30-year amortization.

Grady Seldin of PSRS arranged the $6.9 million refinance of a multi-tenant office property located in Downey, California. The subject property is a 65,481 SF, six-story office building constructed in 1969 with a track record of consistent renovations and capital improvements. The owner acquired the property decades ago and occupancy has never been an issue with small suites and excellent management. Financed with one of our correspondent life insurance companies, PSRS provided its borrower an attractive fixed rate, cash-out, non-recourse loan with a 10-year term and a 30-year amortization.

Michael Tanner and Tony Messiah of PSRS arranged the $15 million refinance of a multi-tenant retail center in Orange, California. The subject property is a 40,323 SF multi-tenant retail center situated on a 3.11-acre lot and is composed of three total buildings constructed in 1990. There are a total of 180 parking spaces yielding a ratio of 4.34 per 1,000 SF. Tenants include Starbucks, Supercuts, U.S. Bank, H&R Block, and T-Mobile. The existing debt was a CMBS Loan that was defeased and replaced 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.

Jonny Soleimani of PSRS arranged the $1,206,000 refinance of a freestanding retail property in San Bernardino, California. The subject property is a single-tenant retail building built in 2013 on a 0.91-acre lot. There are 48 parking spaces and Family Dollar used to occupy the space until they bought out of the lease, allowing the borrower to insert a long-standing regional tenant with several locations in their stead. Financed with bank execution, PSRS provided its borrower with a four-year loan term, one year of interest only payments, and a 25-year amortization.