Gas Station Ground Lease

Transaction description

Michael Tanner and Tony Messiah of PSRS arranged the $1,075,000 refinance of a leased fee interest of a ground lease under a gas station in Costa Mesa, CA. This is a 14,850 SF Chevron gas station with G&M Food Mart occupying 990 SF of building space with six parking spaces. The property was built in 1981 and is 100% occupied. Financed with bank execution, PSRS provided its borrower with a 10-year loan term with a 25-year amortization.