DTLA Mixed-Use

Transaction description

Jonny Soleimani of PSRS arranged the $6 million refinance of a mixed-use property in Los Angeles, California. The subject property is a two-building, 58,138 SF mixed-use building containing 29 lofts, a parking lot, and six commercial units on 0.42 acres. The collateral was built in 1917 and is three and five stories along with 76 parking spaces. Financed with bank execution, PSRS provided its borrower a five-year loan term with a 30-year amortization with the ability to use a revolving line of credit and refinance it into a 2nd DoT with cash-out once the property is stabilized to certain pre-negotiated NOI checkpoints. All commercial tenants, about 40% of the entire building, were on a month-to-month lease. Several apartment tenants vacated during escrow.