$5,250,000 Acquisition Financing of a Retail Property in Martinsville, Virginia.
FINANCED Spruce Street Station
Property Type:Shopping Center City:Martinsville, Virginia Size:48,052 SF Term:30-year loan with rate reset every five years
Trevor Blood of PSRS arranged the $5.25 million acquisition financing of a retail property in Martinsville, Virginia. The subject property is a 48,052-square-foot shopping center anchored by a Food Lion. Built in 1988 on 8.31 acres, the subject is in close proximity to historic Uptown Martinsville. Financed with one of our corresponded life insurance companies, PSRS provided its borrower certainty of execution on a partial recourse basis with the ability to rate lock at application and benefit from our stellar servicing, all at the highest leverage offered in the market proved to be a winner for this long-term client. The loan term provided was 30 years with the ability to reset the rate every five years.
$2,000,000 Post-Acquisition Refinance of 30 acres of Agricultural Land in Watsonville, California.
FINANCED Watsonville Agriculture
Lender:Farmer Mac Program City:Watsonville, California Size:30 Acres Term:30-year term and amortization
David Smyle and Matthew Winkler of PSRS arranged the $2 million refinance of agricultural land in Watsonville, California. The subject property consists of 22 greenhouses and one residential duplex sitting on 30 acres. Financed with a Farmer Mac program, PSRS provided its borrower with no prepayment penalty, a 30-year loan term, and 30-year amortization with five-year fixed periods where the rate gets re-priced.
$5,000,000 Refinance of an Industrial Property in Louisburg, North Carolina.
FINANCED Novozyme Industrial
Lender:Credit Union City:Louisburg, North Carolina Size:195,000 SF Term:7-year loan term
Trevor Blood and Seth Ludwick of PSRS arranged the $5 million refinance of an industrial property in Louisburg, North Carolina. The subject property is a 195,000-square-foot, single-tenant industrial warehouse built in 1975. Situated on a 15.93-acre lot size, the warehouse has a 24-foot clear ceiling height and various amenities like 24-hour access, freezer, cooler, and storage space. Financed with credit union execution, PSRS provided its borrower with a seven-year loan term and a rate reset. The borrower benefited greatly from having zero prepayment penalty on this loan.
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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.
