$7,000,000 Multifamily Loan from Agency
Pasha Johnson of PSRS recently arranged a $7.0M loan for a mixed-use apartment building within the North Park community of San Diego, California. The building is a newly constructed 24-unit low-rise apartment complex with contemporary unit designs and finishes with the bottom floor composed of one retail unit. Funded during the ongoing Covid-19 pandemic, PSRS was able to negotiate nine years of Interest Only on a 10-year Fixed term. The Fannie Mae loan was non-recourse with carve-outs to the borrowing entity and contained aggressive leverage. Pasha was honored to work alongside his client, who designed and built the project, in order to provide much-needed housing and ground floor activation within the North Park community.