Grover Beach Industrial

Transaction description

Jacob Lee and Nate Toomey of PSRS arranged the $6.0 million refinance of an industrial property in Grover Beach, California. Situated on a 70,947-square-foot site, the asset consists of two brand-new warehouses separated by a 40-space parking area. The buildings feature flexible, customizable layouts designed to support a wide range of tenant uses. Secured through one of PSRS’s correspondent life insurance companies, the loan features a 74% loan-to-value ratio and a 25-year term structured. Notably, the team successfully secured funding prior to rent commencement by negotiating a reserve structure that included a six-month principal and interest (P&I) holdback, alongside taxes and insurance.