$45,000,000 Refinance of an Industrial Property in Commerce, California.
FINANCED 2400 Yates - Gibson Building
Lender: Life Insurance Company City: Commerce, CA Size: 649,000 SF Term: Non-recourse, 2.75%, 10-year term, 30-year amortization
Michael Tanner and Jonny Soleimani of PSRS arranged the $45MM (41.3% of appraised value) refinance of an industrial property in Commerce, California. The subject property is an approximately 649,000 square foot owner-user warehouse situated on 2 acres of land and built in 1960 with masonry construction. This 32-ft high building comes with a parking ratio of approximately 2.00/1,000 SF. The property is approximately 75% industrial and 25% office. Financed with one of our correspondent life insurance companies, PSRS was able to provide for its borrower a 2.75% interest rate, non-recourse loan with a 10-year term and 30-year amortization.
$5,850,000 Acquisition Financing of an Unanchored Retail Strip Center in El Cajon, California.
FINANCED Circle Center
Lender: Credit Union City: El Cajon, CA Size: 31,392 RSF Term: 3.50%, 10-year term, 30-year amortization
Pasha Johnson of PSRS arranged $5.85MM in acquisition financing for an unanchored retail strip in El Cajon, CA. The subject property is composed of two single-story buildings with the capacity to accommodate 12 tenants across 31,392 rentable square feet. Financed with credit union execution, the interest rate is locked at 3.50% for 10 years with payments based upon a 30-year schedule.
$4,000,000 Refinance of a Multifamily Property in Riverside, California.
FINANCED Springbrook Park Apartments
Lender: Life Insurance Company City: Riverside, CA Size: 120 Units Term: 10-year term, 30-year amortization, minimal prepayment penalty
Jacob Lee of PSRS arranged the $4MM refinance of a multifamily property in Riverside, California. The subject property is a 120-unit, garden-style community that was built in 1971 and consists of 15 residential buildings and a management office. Situated on a 6.79-acre parcel, the individual buildings host a total of 8-units per building. Financed with one of our correspondent life insurance companies, PSRS was able to provide for its borrower a non-recourse loan with a 10-year term and 30-year amortization, in the low 3s with a minimal prepayment penalty.
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