Recent Transactions

David Hamilton, Principal at PSRS, recently closed $28.5 million in portfolio financing on three medical office buildings located in Southern California and Southern Florida. The financing was arranged on behalf of a large medical office landlord and funded by one of PSRS’ Debt Fund lenders. PSRS was able to achieve a cash-out refinance on the borrower's existing portfolio, reducing the equity need for the new acquisitions. PSRS also successfully provided the sponsor maximum leverage and was able to incorporate three years of interest only along with a non-recourse structure.

David Hamilton has worked alongside this borrower as their exclusive financing agent since early 2016. Over that time period, PSRS has financed approximately $250M in financing on behalf of the sponsor.

Complexities in the transaction included:

PSRS was able to secure post-closing capital to go towards renovations, tenant improvements, and leasing commissions.
Quick close - Inside 45 days from day of application.

David Sarnoff of PSRS arranged a $4.5MM bridge loan of a multi-tenant retail center in Costa Mesa, California. The subject property was originally constructed in 1989 and fully renovated in 2021. The property has five retail spaces and is fully occupied but the owner required some additional time for the tenants to complete their improvements before qualifying for permanent financing. This short-term, interest-only bridge loan was provided by one of PSRS’ Debt Fund lenders and gives the borrower time to stabilize the property and complete tenant improvements. The lender was able to close in under 30 days to meet our borrower’s deadline.

Jason Roth of PSRS recently structured $15.8MM in construction takeout financing for a confidential hotel in the Pacific Northwest. The hotel was completed in July of 2020 during the height of the COVID-19 state lockdowns.

When initially engaged by the borrower in June of 2021, just a month after the local lockdowns were lifted, the PSRS team led by Roth and Matteo Elias was tasked with finding a loan that was 97% loan to value. After a strategic capital search process, the PSRS team was able to secure both a conventional bridge as well as a sale-leaseback financing option for the borrower.

The borrower ultimately chose the sale-leaseback structure due to the overall cost. The new sale-leaseback program from Twain Financial Partners allows the borrower to get greater loan proceeds by selling the land to the lender instead of leasing it from them. The borrower has a right in the loan documents to buy the property back once the property is stabilized at a predetermined price.

“I believe this sale-leaseback program from Twain and others like it will continue to be a force in hotel financing, particularly in higher-cost coastal markets where investors are still recovering from the impact of the mandated lockdowns”, stated Roth.