$2,500,000 Financing of a Multifamily Property in Los Angeles, California.
FINANCED Orange Apartments
Lender:Bank City:Los Angeles, CA Size:5 Units Term:5-year term
Mike Davis and David Sarnoff of PSRS arranged the $ 2.5 million financing of a multifamily property in Los Angeles, California. The subject property is a newly constructed five-unit townhome-style property located in the heart of Los Angeles’ Mid-Wilshire neighborhood. Each unit features modern amenities such as in-unit washers/dryers, central heating and air, hardwood floors, a fully appointed island kitchen with stainless steel appliances, and a two-car garage with electric vehicle charging capability. Financed with bank execution, PSRS provided its borrower with a five-year loan term.
$2,317,500 Refinance of a Multifamily Property in Los Angeles, California.
FINANCED Micheltorena Apartments
Lender:Debt Fund City:Los Angeles, CA Size:8 Units Term:18-month term, Interest Only
Jacob Lee of PSRS arranged the $2,317,500 refinance of a multifamily property in Los Angeles, California. The subject property consists of eight units within four detached Spanish-style bungalows and a detached six-car garage. The units are 1-bed/1-bath and there are two units within each building, totaling 4,016 square feet. Financed with debt fund execution, PSRS provided its borrower an 18-month, interest-only loan term, 75% loan to purchase, and 100% CapEx financing.
$10,000,000 Refinance of a Portfolio of Three Self-Storage Properties in La Grange, Kentucky.
FINANCED Rocket Storage
Lender:Life Insurance Company City:La Grange, KY Size:909 Units Term:5+5+5+5+5+5-year term and 30-year amortization
William DeFanti of PSRS arranged the $10 million refinance of a portfolio of three self-storage properties in La Grange, Kentucky. The subject properties are 14 buildings for a combination of 909 self-storage units and 261,725 rentable square feet. Various features of these properties are drive-up, climate-controlled units, 24-hour security, fully fenced, ample parking, etc. The subject was financed with one of our correspondent life insurance companies, PSRS provided its borrower a 62% LTV loan with a 5+5+5+5+5+5 year term and 30-year amortization. The loan process was completed in 25 days from the loan application allowing for the borrower to close quickly on a purchase.
$4,300,000 Structured Bridge Financing on Mixed-Use Property in Canton, Ohio.
FINANCED Canton Mixed-Use
Lender:Life Insurance Company City:Canton, OH Size:270 Units Term:Three-year term; Interest Only
William DeFanti of PSRS arranged the $4.3 million of structured bridge financing on a mixed-use property in Canton, Ohio. The subject property is a big-box retail center with Aldi as its anchor tenant. The remainder of the property will be converted into 270 self-storage units. The subject was financed with one of our correspondent life insurance companies, PSRS provided its borrower with a highly leveraged, interest-only, three-year loan term.
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About PSRS Founded in 1972, PSRS is a commercial mortgage banking firm that helps real estate investors of all sizes structure and secure financing solutions that align with their investment goals.
