Happy Thanksgiving

Jonny Soleimani and Matthew Farzinpour of PSRS arranged the $5 million acquisition financing of two mixed-use properties in Los Angeles, California. The subject properties are located a block away from one another in the Toy District of Downtown Los Angeles. One of the properties is a 23,940 SF, 1917-built multi-tenant office over retail property with 10 parking spaces. The second property is a single-story corner lot retail property constructed in 1996 containing “mom and pop” tenants that include a market, kitchen supply store, novelty store, and custom packaging shop. This was a court-ordered sale needing a much faster close than usual, despite the ample cash flow. Financed with a bridge lender, PSRS provided its borrower with a 12-month loan term with a sub-10% interest rate and closed in three weeks.

Jim Mulvihill and Kevin Mulvihill of PSRS arranged the $5.6 million refinance of an office property in San Diego, California. The subject property is a 21,944-square-foot single-tenant office building to be occupied by a start-up company. As the tenant is a start-up (no credit, no strong guarantors, no track record), this deal was underwritten on the strength of the guarantor. The start-up tenant will take 100% of a previously vacant building. Financed with bank execution, providing its borrower with up to a 60% LTV, five-year loan term on a 25-year amortization.