Michael Tanner and Tony Messiah of PSRS arranged the $4.1 million refinance of two medical office buildings in Pomona, California. The subject property consists of two medical office buildings totaling 19,163 rentable square feet. The buildings feature steel frame construction with approximately 200 parking spaces. Financed with one of our correspondent life insurance companies, PSRS provided its borrower a 55% LTV, 10-year term loan with a 25-year amortization.

William DeFanti of PSRS arranged the $7.65 million cash-out refinance of a retail center in Los Angeles, CA. The subject property is a two-story walk-up retail center containing 17 units. Financed with perm execution, PSRS provided its borrower a 4.45%, five-year term started by two years of interest-only followed by a 30-year amortization. The amortization was helpful and necessary to get maximum loan dollars in the tight cap rate and rising rate environment we’re in today. The cash-out term won the deal for the sponsor and the lender was able to execute and hold their rate while rates increased significantly throughout the process. They honored the rate and closed the deal smoothly.

Paul Godfrey of PSRS arranged the $5.04 million permanent financing of Kiddie Academy Preschool in Rancho Cucamonga, California. The subject property is a new, single-tenant daycare facility. Financed with credit union execution, PSRS provided its borrower a 70% LTV, five-year loan term with a 30-year amortization, and no prepayment penalty. The loan provided a locked rate in March with the lender holding the rate beyond 90 days because they valued building a new relationship with the broker and borrower.

Michael Tanner and Tony Messiah of PSRS arranged the $1,075,000 refinance of a leased fee interest of a ground lease under a gas station in Costa Mesa, CA. This is a 14,850 SF Chevron gas station with G&M Food Mart occupying 990 SF of building space with six parking spaces. The property was built in 1981 and is 100% occupied. Financed with bank execution, PSRS provided its borrower a 10-year loan term with a 25-year amortization.

Trevor Blood of PSRS arranged the $6,456,000 Cash-Out refinance of an office property in Rancho Palos Verdes, California. The subject property is a 45,837 SF, multi-tenant office building consisting of 56 units. Financed with bank execution, PSRS provided its borrower with a permanent five-year loan term with a 25-year amortization.