$15,000,000 Retail Loan from Life Insurance Company
Michael Tanner and Tony Messiah of PSRS arranged the $15 million refinance of a multi-tenant retail center in Orange, California. The subject property is a 40,323 SF multi-tenant retail center situated on a 3.11-acre lot and is composed of three total buildings constructed in 1990. There are a total of 180 parking spaces yielding a ratio of 4.34 per 1,000 SF. Tenants include Starbucks, Supercuts, U.S. Bank, H&R Block, and T-Mobile. The existing debt was a CMBS Loan that was defeased and replaced with one of our correspondent life insurance companies. PSRS provided its borrower with a non-recourse loan with a 10-year term and 30-year amortization.