$31,622,500 Acquisition Financing of Five Multi-tenant Buildings in Southern California
FINANCED Office/Industrial Portfolio
Lender: CMBS City: Chula Vista & Mission Valley, CA Rate: 3.087% LTV: 67% Term: 10 Years Full Term IO
Jim Mulvihill of PSRS arranged the $31.6MM acquisition financing of five multi-tenant buildings located in Chula Vista and Mission Valley, California. The subject portfolio includes four properties with “flex” industrial and office elements along a stretch of Bay Boulevard in the South County city of Chula Vista and a multitenant office building at 5920 Friars Road in San Diego’s Mission Valley neighborhood. Tenants in the portfolio include Cox Communications, National University, Fresenius Medical, Bayfront Charter School, and West Marine. Financed with CMBS execution, PSRS was able to secure for its borrower a $31,622,500 loan (67% LTV) with a 10-year full-term of interest only, locking rate at 3.087%.
$4,310,000 Refinance of a 32-Unit Multifamily Property in Ukiah, California.
FINANCED Marlene Village
Lender: Bank City: Ukiah, CA Units: 32 Term: 7 years/30-year Amortization
Grady Seldin, CPA of PSRS arranged the $4.31MM refinance of a 32-unit multifamily property in Ukiah, California. The subject property is a 32-unit community situated on a level residential site in central Ukiah, a growing market in Mendocino County – beautiful wine country.
While the property is in excellent condition with a waitlist of tenants, the location and smaller market were the biggest hurdles to overcome. Through extensive market research upfront and in-depth borrower involvement on the project details, PSRS secured a 7-year fixed rate in the mid-3’s, 30-year amortization, and flexible prepay. The lender was a bank that PSRS has a strong track record with.