Hemet Retail Center

Transaction description

Jonny Soleimani of PSRS arranged the $4 million refinance of a two-tenant retail property in Hemet, California. The subject property is 40,000 square feet situated on 1.91 acres and includes 200 parking spaces as part of a larger shopping center. Around 60% of the square footage is leased to a credit tenant, dd’s Discounts (a Ross subsidiary). The other tenant, comprising ~40% of the space, is a local bargain store. PSRS successfully closed this loan to meet the borrower’s concurrent timeline in selling off an adjacent parcel of land in a separate transaction. Financed with one of our correspondent life insurance companies, PSRS provided its borrower with a three-year loan term and a 25-year amortization.