$64,500,000 Retail Loan from Life Insurance Company
PSRS originated a non-recourse bridge loan for the acquisition of and improvements to an 8.75 acre site in Playa Vista, CA (a.k.a. “Silicon Beach”) near Google, Facebook, and many other tech and media companies. The two-phase development includes the re-positioning of an old Albertsons and the development of the property on Mesmer Ave between South Centinela and Jefferson Boulevards, into a flagship auto-mall with five brands. PSRS structured a high loan-to-cost mortgage with one of their correspondent life insurance companies. They were able to overcome the owner-user aspect and the lack of in-place income based on land value and the potential upside of the project.