Recent Transactions: Financing arranged on two industrial kitchens plus more!

PSRS recently secured $7.63 million in financing through one of their correspondent life insurance companies for the acquisition and renovation of two industrial properties located in San Diego and Los Angeles. PSRS Principal Mike Davis arranged the financing for the borrowers, private Los Angeles based investors, who are using the funds to convert the properties from industrial use to multi-tenant commercial kitchen space. The lender provided 75% of the overall costs to close on the purchase and to fund the improvements to the properties. The borrowers have successfully executed on these conversions and subsequent operations of multiple other commercial kitchens in Southern CA.

Michael Tanner and Jonny Soleimani of PSRS recently arranged the refinance of an office building in Santa Monica, CA. Located just minutes from the beach, the 31-tenant office building boasts a diverse roster of tenants. Even though Covid-19 brought upon challenges, PSRS was able to skillfully navigate the way each tenant may have been affected to ensure that both borrower and lender felt they were consummating a win-win transaction. PSRS was able to secure the borrower a non-recourse loan with a 10-year term and 30-year amortization schedule.

David Hamilton, Principal at PSRS, recently closed $89 million in portfolio financing on 8 medical office buildings located nationwide. The financing was arranged on behalf of a large medical office landlord and funded by one of PSRS’ CMBS lenders. PSRS was able to achieve a cash-out re-finance on the borrower's existing portfolio, reducing the equity need for the new acquisitions.

PSRS also successfully provided the sponsor maximum leverage and was able to incorporate three years of interest only along with a non-recourse structure.