$7,000,000 Cash-Out Refinance of the Encinitas Wellness Center in Encinitas, California.
FINANCED Encinitas Wellness Center
Lender: Credit Union City: Encinitas, CA Size: 27,791 SF Term: Non-recourse, two-years of interest only, 30-year amortization
Pasha Johnson of PSRS arranged the $7MM cash-out refinance of the Encinitas Wellness Center in Encinitas, CA. The non-recourse loan offers two years of interest only payments before rolling to a 30-year schedule. The borrower benefits from the flexibility provided by an open prepayment without penalty.
$5,750,000 Acquisition Financing of a Multifamily Property in San Bernardino, California.
FINANCED Pinecrest Apartments
Lender: Bank City: San Bernardino, CA Size: 57 Units Term: 5-year term, 30-year amortization, one-year of interest only
Pasha Johnson of PSRS arranged the $5.75MM acquisition financing of a 57-unit multifamily property in San Bernardino, CA. The lender underwrote operating expenses on a go-forward basis in order to reach a loan amount substantially higher than the competition. The borrower locked in a rate in the 2%s with a year of interest-only payments.
Recent News
Pressure on Fed’s Powell is rising as inflation worsens
Many economists have been moving up their timetable for an initial Fed rate hike. Goldman Sachs now foresees two rate increases next year, nearly a year earlier than their previous projections.
Some Fed officials, though, want to take a more patient approach, allowing the taper to continue through June and then taking time to assess whether rate further rate hikes are needed.
The debate is intensifying as Biden nears a decision on whether he will offer Powell a second four-year term as Fed chair or instead nominate Lael Brainard, the leading alternative, who is a member of the Fed’s Board of Governors.
