$7,650,000 Cash-Out Refinance of a Retail Center in Los Angeles, California.
William DeFanti of PSRS arranged the $7.65 million cash-out refinance of a retail center in Los Angeles, CA. The subject property is a two-story walk-up retail center containing 17 units. Financed with perm execution, PSRS provided its borrower a 4.45%, five-year term started by two years of interest-only followed by a 30-year amortization. The amortization was helpful and necessary to get maximum loan dollars in the tight cap rate and rising rate environment we’re in today. The cash-out term won the deal for the sponsor and the lender was able to execute and hold their rate while rates increased significantly throughout the process. They honored the rate and closed the deal smoothly.