Recently Closed Transactions

Kostas Kavayiotidis and Jacob Lee of PSRS arranged the $9MM non-recourse refinance of a multifamily property in La Habra, California. The subject property is a garden-style apartment complex containing 142 units spanning nine 1, 2, & 3-story apartment buildings. Common area amenities include three pools, a spa, a playground, a dog park, and two laundry rooms. Financed with one of our correspondent life insurance companies, PSRS was able to forward rate lock for its borrower a 10-year full-term interest-only loan with an interest rate in the mid-2’s.

William DeFanti of PSRS arranged the $7.35MM permanent cash-out refinance of a self-storage property in Ventura, California. The subject property contains 467 units of which 155 are climate controlled. The facility is a brand-new construction built on one of the last vacant land parcels in the dense Ventura submarket.

PSRS was able to secure for its borrower a non-recourse loan with 10 years of Interest Only, which increased cash flow to the borrower. A differentiating factor on this loan was that the lender was able to underwrite a completely stabilized property only on one month of that stabilized history. Typically, lenders want 12 months of seasoning on a stabilized NOI. The lender was able to do it with one month of seasoning. T1 underwriting was used to achieve the loan amount that we desired.