David Sarnoff of PSRS arranged the $1.8 million cash-out refinance of a single-tenant industrial property in Ontario, CA. The well located and beautifully maintained property has more than 29,000 SF of space, high ceilings, and multiple 14' drive-in doors. Financed with a credit union execution, PSRS was able to provide for its borrower a seven-year loan term with five years of interest only and a rate in the mid-3s. The loan also features a 3/2/1 open prepay structure giving the borrower lots of flexibility.

Jennifer Mustard of PSRS arranged the $3.85 million cash-out refinance of a multi-tenant industrial property in San Diego, CA. The subject property is an existing multi-tenant industrial property containing 30,355 square feet of rentable area. The improvements were constructed in 1985 and are 100% leased. The property is well located in Miramar, a prime industrial area in San Diego. Financed with credit union execution, PSRS was able to provide for its borrower a 3.5% rate, a 10-year loan term plus a $1 million cash out for other investments.

William DeFanti of PSRS arranged the $3.2 million cash-out refinance of a self-storage facility in West Jordan, Utah. The subject property is a 418-unit, Class A, and newly built storage facility that opened 17 months ago and just reached stabilization. The borrower purchased the land, entitled it for the current use, and then developed 357 storage units. A differentiating factor for the lender was that they were able to underwrite on a T-1 given that it was recently stabilized. The borrower favored this loan because they are planning on doing a phase II developing more units and they will be able to keep their rate fixed. Once phase II is built and stabilized, the lender is willing to do a top-off loan to increase their overall loan amount. The borrower will keep their fixed-rate loan on phase I with the ability to recapitalize with a top-off loan increasing their loan amount upon stabilization of phase II.