This event featured panels of top local executives and dealmakers discussing the Industrial, Office, Retail, Multifamily, and Finance markets throughout the Inland Empire.
Takeaways from RENTV's 2023 Inland Empire State of the Market Conference
Trevor Blood of PSRS attended RENTV's 2023 Inland Empire State of the Market Conference this week as a guest speaker on the finance panel. This event featured panels of top local executives and dealmakers discussing the Industrial, Office, Retail, Multifamily, and Finance markets throughout the Inland Empire. The following are Trevor Blood's takeaways from this event:
Cap rates have started to push out. On the whole, commercial real estate in the Inland Empire is seeing positive net absorption quarter over quarter.
Occupancy remains high across all asset classes. Meanwhile, rates remain steady due in part to modest growth.
Due to market fundamentals and a high suburban population, lenders remain active in their pursuit of all asset classes.
There are plans to build essentially a new town within the Inland Empire close to Ontario Ranch. The new town will include 12,500 single-family homes, over 8,000 multi-family homes, and millions of square feet of industrial and commercial already in the process of being approved.
Recent Transactions
$2,875,000 Refinance of a Multi-Tenant Industrial Property in El Monte, California.
FINANCED El Monte Industrial
Lender:Bank City:El Monte, CA Size:23,230 SF Term:10-year term / 30-year amortization
Jonny Soleimani of PSRS arranged the $2.875 million refinance of a multi-tenant industrial property in El Monte, California. The subject property is a 23,230 SF single-story property built in 1989 with reinforced concrete. Situated on 1.14 acres of land, the property contains 32 open parking spaces. Financed with bank execution, PSRS provided its borrower a 10-year term with a 30-year amortization. The deal closed at approximately .28 bps lower than the initially quoted rate due to locking the rate at a time when the corresponding index dropped far below the level originally seen during the initial quote. The rate lock was extended twice, all while the lender was in the process of merging with another lender. PSRS was able to successfully get a step-down prepay of half of what is normally seen on a 10-year loan, allowing the borrower additional future flexibility.
$2,200,000 Refinance of an Industrial Property in Raleigh, North Carolina.
FINANCED New Bern Industrial
Lender:Life Insurance Company City:Raleigh, NC Size:20,050 SF Term:25-year loan
Trevor Blood of PSRS arranged the $2.2 million refinance of a 20,050 SF industrial property in Raleigh, North Carolina. Coming off a floating rate loan, the borrower wanted to have a fixed rate loan with proceeds over and above their current debt. Local lenders came up short and the borrowers benefitted from one of our correspondent life insurance company’s abilities to execute on a 25-year loan, serviced by PSRS.
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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.
