We are thrilled to extend our heartfelt congratulations to PSRS Vice President Jen Mustard, who has recently been nominated and honored with one of Connect CRE's 2024 Top Mortgage Brokers & Lenders Awards.
2024 ConnectCRE Top Mortgage Brokers & Lenders Awards
We are thrilled to extend our heartfelt congratulations to PSRS Vice President Jen Mustard, who has recently been nominated and honored with one of Connect CRE's 2024 Top Mortgage Brokers & Lenders Awards.
This recognition is a testament to Jen's exceptional expertise, dedication, and leadership in the industry. We are incredibly proud of Jen's achievement and are excited to see her continue to lead and inspire others in her outstanding career.
$52,000,000 Refinance of Kona Kai Marina in San Diego, California.
FINANCED Kona Kai Marina
Property Type: Marina
Lender: Life Insurance Company City: San Diego, CA Size: 535 Slips Term: 5+1+1-year, interest-only
Michael Thorp and Ari Zeen of PSRS arranged the $52 million refinance of Kona Kai Marina in San Diego, California. Kona Kai Marina comprises 535 slips covering over 27 acres of waterfront and accommodates 30’ vessels to 250’ Mega Yachts. The marina features floating concrete docks, secure dock boxes, fiber optics, telephone service, secure card-controlled access gates, marina tenant gated parking, and onshore amenities like bathrooms with showers, a laundry room, storage lockers, and a convenience store. Financed with a life insurance company, PSRS provided its borrower a non-recourse loan, with a 5+1+1-year, interest-only term. The recapitalization of the Kona Kai Resort and Marina allowed the sponsor to fully encumber the marina enabling the resort to be free and clear of debt. The loan was structured as a senior loan of $52MM with the option of a $10MM paydown within the first 24 months, after that the rate will be fixed at a lower rate for the remainder of the loan term.
$25,300,000 Acquisition Financing of Two Industrial Outdoor Storage Properties in Los Angeles, California.
FINANCED Wilmington Industrial Outdoor Storage
Property Type: Industrial
Lender: Life Insurance Company City: Los Angeles, CA Size: 302,713 SF Term: 5-year fixed rate
Kostas Kavayiotidis and Matthew Farzinpour of PSRS arranged the $25.3 million acquisition financing of two industrial outdoor storage properties in Los Angeles, California. The subject properties, located in the Wilmington neighborhood of Los Angeles, are two adjacent industrial outdoor storage properties comprising 121,218 SF and 181,495 SF, respectively. Financed with one of our correspondent life insurance companies, PSRS provided its borrower with a five-year fixed with an option to extend with another five-year fixed at no cost.
$5,250,000 Refinance of an Industrial Complex in Lynwood, California.
FINANCED Lynwood Industrial
Property Type: Industrial
Lender: Life Insurance Company City: Lynwood, CA Size: 24,850 RSF Term: Non-recourse
James Mulvihill and Kevin Mulvihill of PSRS arranged the $5.25 million refinance of an industrial complex in Lynwood, California. The subject property includes four industrial buildings making up a total of 24,850 rentable square feet. The property also features over 22,000 square feet of yard space and a billboard. PSRS provided its borrower with a non-recourse loan with one of our correspondent life insurance companies.
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.
