$4,837,000 Refinance of a Hotel in Newport Beach, California.
FINANCED Newport Channel Inn
Property Type:Hotel City:Newport Beach, California Size:31 Rooms Term:Five-year term, 30-year amortization
Jacob Lee and Thomas Rudinsky of PSRS arranged the $4,837,000 refinance of an independent limited-service hotel in Newport Beach, California. The subject property is a limited-service midscale boutique hotel containing 31 rooms that were constructed in 1962 and later renovated in 2013. The property has a very desirable location along PCH with ample amenities within walking distance and directly across the street is one of the most desirable beaches in Southern California. Financed with one of our correspondent life insurance companies, PSRS provided its borrower with a rate below 6.50%, a five-year loan term, and 30-year amortization.
$2,500,000 Cash-Out Refinance of a Retail Property in Hawthorne, California.
FINANCED Amberlight Plaza
Lender:Life Insurance Company City:Hawthorne, California Size:10,000 SF Term:10-year term, 25-year amortization.
Michael Warner of PSRS arranged the $2.5 million cash-out refinance of a retail property in Hawthorne, California. The subject property is a highly trafficked, multi-tenant, 10,000 SF retail plaza with 60 parking spaces. National tenants include Subway, Cricket Wireless, Farmer’s Insurance, and more. Closed in 55 days and financed with one of our correspondent life insurance companies, PSRS provided its borrower a 10-year loan term and 25-year amortization.
$5,100,000 Refinance of an Industrial Property in Carpinteria, California.
FINANCED Baker Bradford Complex
Lender:Life Insurance Company City:Carpinteria, CA Size:12,083 SF Term:10-year loan term; 30-year amortization
Seth Ludwick of PSRS arranged the $5.1 million refinance of an industrial property in Carpinteria, California. The subject property is a 172,000 SF industrial complex. Financed with one of our correspondent life insurance companies, PSRS provided its borrower a non-recourse loan with a 10-year, interest-only term. A forward rate lock of 5 months, 15% LTV, and 5.45% rate are a few highlights of this deal.
$1,900,000 Refinance of a Mixed-Use Property in Pasadena, California.
FINANCED Wilshire Mixed-Use
Lender:Life Insurance Company City:Santa Monica, CA Size:4,000 SF Retail, 4 Townhomes Term:5+5-year loan term; 30-year amortization
Michael Warner of PSRS arranged the $1.9 million acquisition financing of a mixed-use property in Santa Monica, California. The subject property is a mixed-use property in prime Santa Monica along Wilshire Boulevard. The ground floor is 4,000 SF of commercial retail space while there are four residential townhouses each with 2 beds, 2.5 baths above. Closed in 55 days and financed with one of our correspondent life insurance companies, PSRS provided its borrower a 5+5-year loan term with a 30-year amortization.
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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.
