$17,500,000 Refinance of an Anchored Retail Plaza in San Clemente, California.
FINANCED Gateway Village Plaza
Lender: Life Insurance Company City: San Clemente, CA Square Feet: 72,000 SF Term: 10 years/30-year Amortization; 2 years of Interest Only
Michael Thorp and Ryan Frankman of PSRS arranged the $17.5M refinance of an anchored retail plaza in San Clemente, California. The subject property, Gateway Village Plaza, is composed of three buildings totaling 72K square feet and 310 parking spaces. Built in 1993, this multi-tenant retail plaza includes Albertson’s and Union Bank as its largest tenants. Financed with one of our correspondent life insurance companies, PSRS was able to secure for its borrower a 65% LTV, non-recourse loan with a 10-year term and a 30-year
amortization. The loan will carry two years of interest only and additional funding provisions during the term of the loan.
$35,000,000 Refinance of a Newly Renovated Office Building in Santa Monica, California.
FINANCED Wilshire Office Building
Lender: Life Insurance Company City: Santa Monica, CA Square Feet: 58 Term: 10 years/30-year Amortization; 5 years of Interest Only
Michael Thorp and Ryan Frankman of PSRS arranged the $35MM refinance of a newly renovated medical office building in Santa Monica, California. The subject property, 900 Wilshire, is a class A medical office building recently renovated in 2019. With over 34K square footage, this property also includes 125 subterranean parking spaces. Financed with one of our correspondent life insurance companies, PSRS was able to secure for its borrower a 65% LTV, non-recourse loan with a 10-year term and a 30-year amortization. The loan will
carry five years of interest-only payments.
Treasury Update
"The 10-year U.S. Treasury yield fell as low as 1.25% on Thursday, its lowest point since February, continuing a sharp reversal in the bond market amid growing concern about the pace of the global economic recovery.
“This decline in bond yields could be signaling that the inflation burst is transitory, and/or that the Delta variant will slow growth, although at 1.25% this morning that seems extreme,” Ed Hyman, founder, and chairman of Evercore ISI and head of economic research, said in a note Thursday."
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