Harvey Apartments

Transaction description

Pasha Johnson of PSRS arranged $14.5 million in construction take-out financing for 70 multifamily units located within the Hillcrest submarket of San Diego County. The permanent financing was provided by a Life Insurance Company and offered a 5-year fixed term with payments made interest-only throughout the life of the loan. The non-recourse financing was priced at 155 bps over the 5-year US treasury and was funded as soon as the property achieved a 95% occupancy.