Goleta R&D

Transaction description

Seth Ludwick and Thomas Rudinsky of PSRS arranged the $10.3 million refinance of a multi-tenant flex R&D property in Goleta, California. The 60,000-square-foot asset features specialized second-story R&D space, presenting an underwriting profile that many traditional lenders hesitate to finance. Leveraging strong institutional relationships, PSRS secured a commitment through one of its correspondent life insurance companies that fully understood the property’s value. The resulting non-recourse loan features a 54% loan-to-value ratio, a five-year term, and a 30-year amortization.