$3,100,000 Industrial Loan from Life Insurance Company
Michael Tanner and Jonny Soleimani of PSRS arranged the $3.1MM refinance of an industrial property in San Diego, California. The subject is a two-building industrial property totaling 40,873 SF of total rentable space sitting on a 1.41-acre lot in prime San Diego. There are four total tenants in addition to cell tower income from T-Mobile. Occupancy is at 100%. The two-story buildings were constructed in 1989 with reinforced concrete. Financed with one of our correspondent life insurance companies, PSRS was able to secure for its borrower a non-recourse loan with a 10-year term and 30-year amortization.