$14,500,000 Construction Take-Out Financing for 70 Multifamily Units in San Diego, California.
FINANCED Harvey Apartments
Property Type:Multifamily City:San Diego, California Size:70 Units Term:Five-year fixed term, Interest-Only
Pasha Johnson of PSRS arranged $14.5 million in construction take-out financing for 70 multifamily units located within the Hillcrest submarket of San Diego County. The permanent financing was provided by a Life Insurance Company and offered a 5-year fixed term with payments made interest-only throughout the life of the loan. The non-recourse financing was priced at 155 bps over the 5-year US treasury and was funded as soon as the property achieved a 95% occupancy.
$2,350,000 Refinance of a Mixed-Use Property in Temecula, California.
FINANCED Gateway to Temecula
Lender:Life Insurance Company City:Temecula, California Size:7,690 SF Term:60% LTV, 7-year fixed term, 25-year amortization.
David Semmer of PSRS arranged the $2.35 million refinance of a mixed-use property in Temecula, California. The subject property is a 7,690-square-foot, two-story office and retail building known as Gateway to Temecula. Financed with one of our correspondent life insurance companies, PSRS provided its borrower a 60% LTV, seven-year fixed-term loan amortized over 25 years.
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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.
