Recent Transactions

Grady Seldin of PSRS arranged the $21.15MM refinance of a multifamily property in Tustin, California. The subject property is a 134-unit, 2-story garden-style multifamily complex built in 1971. The owner, who also manages the property, keeps it updated and turns units with every move-out. The property is always occupied in line with the vacancy rate of the market. Financed with one of our correspondent life insurance companies, PSRS was able to secure for its borrower a non-recourse loan with a 10-year term and 30-year amortization.

While the incumbent bank lender provided an aggressive quote to keep the loan on their books, the borrower decided to lock in an attractive fixed rate deal for 10 years with no P&I reserves to remove the interest rate risk as the bank quote was fixed for only partial term and floating the remainder. Taking advantage of the historically low treasury, the long-term fixed-rate option was best suited for the borrower’s business plan.

William DeFanti of PSRS arranged the $7MM permanent fixed-rate refinance of a self-storage property in Kentfield, California. The subject property is an 814-unit self-storage facility with a diverse unit mix. Currently, the facility is 96% occupied and has been at full capacity for many years given how few storage units are in the market. Financed with one of our correspondent life insurance companies, PSRS was able to secure for its borrower a non-recourse loan with a 10-year term, 30-year amortization, and a flexible step-down prepayment penalty.

Grady Seldin of PSRS arranged the $17.1MM refinance of a multifamily property in Downey, California. The subject property is a 129-unit, 2-story garden style multifamily complex built in 1955. The property is historically always occupied in line with the vacancy rate of the market. Averaging 97% occupancy since 2018, this property stays updated and turns with every move out. Financed with one of our correspondent life insurance companies, PSRS was able to secure for its borrower a non-recourse loan with a 5-year term and 30-year amortization.

This deal provided the borrower with a fixed rate in the mid-2% range for five years that significantly beat local banks and agencies. PSRS was able to custom tailor the deal with an attractive rate and significant cash out, improving the business plan of the borrower as the property continues to appreciate.