Recent Closings: $45.75M Mixed-Use Property in SoCal & More

Michael Thorp of Pacific Southwest Realty Orange County recently closed a $45,750,000 loan on a mixed-use (172 units and retail) asset located in a solid Southern California market on behalf of a top-tier, private development company. The loan was used to retire a maturing note and provide the borrower with significant cash out. The 60% LTV/1.20 DCR loan was done by a PSRS correspondent life company on a 10-year term, all interest-only, at a spread below all other competing lenders, including the agencies, and closed in 34 days.

Michael S. Tanner and David Sarnoff of PSRS arranged the $3 million acquisition financing of a 4,684-square-foot retail property in Santa Monica, California. The two-story building, which also includes a 1,500-square-foot courtyard, was originally constructed in 1986 and is currently vacant. The property is being acquired for the future development of a Class A restaurant concept. Financed through one of PSRS’s correspondent life insurance company lenders, the loan was structured with a five-year term and 25-year amortization, including a five-month interest reserve to be released upon tenant occupancy and commencement of operations.

Michael S. Tanner and David Sarnoff of PSRS arranged the $3 million refinance of an industrial property in Gardena, California. Situated on a 4.92-acre site, the property includes two buildings leased to separate tenants since 2023. Building A spans 71,336 square feet, was built in 1961, and features 18-foot clear heights. Building B totals 49,545 square feet with 32-foot clear heights. The site offers 18 dock-high loading positions, two ground-level doors, 129 auto parking stalls, and 27 trailer stalls capable of accommodating 40-foot containers. Financed through one of PSRS’ correspondent life insurance company lenders, the loan was structured with a 25-year amortization.

Exciting opportunities are open across our offices in Los Angeles, Newport Beach, and San Diego:

Commercial Real Estate Analyst – Los Angeles (2 openings): Support producers with underwriting, marketing, and closing while gaining hands-on experience in structuring real estate debt and equity investments.

Commercial Real Estate Analyst / Loan Producer – San Diego: Begin as an analyst supporting top producers with underwriting and deal execution, with a clear path to transition into a producing role.

Learn more about these positions on our Careers Page