Recent Transactions: Financing arranged for multifamily and self-storage properties

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Recent Transactions

Abpopa Hillcrest

Loan Amount: $5,700,000

City: San Diego, CA
Lender: Bank
Advisor: Pasha Johnson

Pasha Johnson of PSRS recently arranged a $5.7M construction take-out loan for a mixed-use apartment building in San Diego, California. The building is 100% Airbnb mixed-use development consisting of 25 unique micro-lofts, a penthouse loft event space, and two ground-floor retail suites. Funded during the ongoing Covid-19 pandemic, PSRS was able to negotiate a one-year interest reserve to be drawn down until the property reaches a 1.20x DCR.

LA Apartment Portfolio

Loan Amount: $6,600,000

City: Los Angeles, CA
Lender: Bank
Advisor: David Sarnoff

David Sarnoff of PSRS recently arranged the cash-out refinance of a 45-unit apartment portfolio in Los Angeles, California. The portfolio includes five apartment buildings, which are all 8-10 units, two-story, class-C apartments, located on two streets within a few blocks of each other. Executed with one of our bank lenders, the loan has a 5-year term and a 30-year amortization schedule. Sarnoff placed this full 70% LTV request with a lender that required no reserves for Covid or ongoing repairs and maintenance, in order to provide the borrower with maximum proceeds.

Premier Self-Storage

City: Kamas, UT
Lender: Credit Union
Advisors: William DeFanti

William DeFanti of PSRS recently arranged the cash-out refinance of a self-storage property in Kama, Utah. The property completed construction in 2018 and encompasses 244 units. The loan was done with a 10-year fixed-rate term and 30-year amortization schedule that can earnout additional loan dollars with increased leasing velocity. A differentiating factor of the loan was its ability to max dollars by basing metrics on trailing three months of income while still being in lease-up.