Commerce Kitchens

Transaction description

Mike Davis and David Sarnoff of PSRS arranged the $2.6 million refinance of an industrial building in San Diego, CA that was recently converted by Maker Kitchens to serve as commercial kitchen space for local vendors. The fully occupied subject property is a single-story, 4,941 SF industrial building built in 1980 of reinforced concrete construction. It enjoys 14’-16’ ceiling heights with a small mezzanine area that provides additional space for storage. The building is serviced by two 10’ x 12’ roll-up doors and has 14 reserved parking spaces that provide ample parking for tenants. The property is well situated in the Miramar submarket with a prime location fronting Commerce Avenue that offers immediate access to Miramar Road and proximity to Interstate 5 Freeway. Financed with one of its correspondent life insurance companies, PSRS was able to provide for its borrower a 5+5+5+5+5 loan term structure and a 25-year amortization at a competitive rate.