Description:
PSRS has arranged the refinance of a $3.15 million loan for an office building in Southern California. The property, known as Wind River Business Park, is a three-story office building built in 1984 that encompasses 31,000 square feet and is located in Huntington Beach, CA.
Michael Tanner and Jason Roth of the Los Angeles PSRS office arranged the recourse, full-leverage, 3-year loan with a 25-year amortization schedule. Standard Insurance provided the capital for this acquisition loan which was able to close in 45 days. Two hurdles that the team overcame was that the deal was not fully stabilized and there was low occupancy at the building.
Description:
PSRS has arranged the refinance of a $14 million loan for a multifamily apartment complex in Canoga Park. The property, known as Vintage Crossing, is a 161-unit, mid-rise, Class B apartment building that was constructed in 2000. Located in Canoga Park, the property contains all one-bedroom units that average 591 square feet.
Michael Tanner and Jason Roth of the Los Angeles PSRS office arranged the non-recourse, full-leverage, 20-year loan with a 30-year amortization schedule. Mutual of Omaha provided the capital for this loan.
4930 Campus & 5001 Birch
Loan Amount: $5,200,000
Type: Ground Lease
Lender: Credit Union
Description:
PSRS has arranged two refinances of two ground leases in Newport Beach, CA. A total of $5,200,000 was financed by Cal Coast Credit Union. Michael Tanner and Jason Roth from the Los Angeles office arranged the recourse, full-leverage, 5-year loan with a 30-year amortization schedule.
Description:
PSRS has arranged the financing of a $6.5 million construction takeout at CofO loan for a self-storage development in Ventura, CA. The property, known as Ultra Storage, consists of 482 units of which 155 are climate controlled. Located at 2701 Golf Course Dr in Ventura, it was built on one of the last vacant land parcels in the dense Ventura submarket.
William DeFanti of the Los Angeles PSRS office arranged the full-leverage, 7-year loan with a 25-year amortization schedule. The recourse on this deal ends upon a 1.25 DSCR. Skymar Capital provided funding for this loan. The borrower had a construction loan in which the interest reserve had been used and in need of stabilization. One hurdle that William endured was timing the funding of the loan with the certificate of occupancy.
