$58,000,000 Multifamily/Retail Loan from Life Insurance Company
City: Glendale, CA
Loan amount: $58,000,000
Lender type: Life Insurance Company
Property type: Multifamily/Retail
Size: 180 Units/14,688 Retail SF
Michael Tanner, from PSRS, arranged the financing of a $58 million construction takeout loan on a retail/multifamily apartment building in Glendale, CA. The subject property, located at 515 West Broadway, consists of 14,688 square feet of ground retail and 180 multifamily units including multiple amenities such as a pool, fitness center, and 394 parking spaces. The loan was executed as a non-recourse, 5-years interest only loan provided through a life insurance company. A 10-year term was given with a 30-year amortization.
The requirement to fund the loan was 30% occupancy, which allowed us to fund earlier than other institutions such as Fannie and Freddie who require about 90% occupancy or banks who have certain strict hurdles to be able to fund.