$1,750,000 Multifamily Loan from Life Insurance Company
David Blain of PSRS arranged the $1.75 million acquisition financing of a multifamily property in Alhambra, California. The subject property is a two-story, 15-unit apartment building built in 1962. There are 24 parking spots in a gated ground-level garage and amenities include a swimming pool and a community laundry room. Financed with one of our correspondent life insurance companies, PSRS provided its borrower a 32% LTV, 3+3+3 loan term, and a 25-year amortization. This deal was an inter-family transfer of property at $1.5 million, so the loan is 116% of the transfer price.