Las Palmas Industrial

Transaction description

Ryan Frankman and Ari Zeen of PSRS arranged the $5,925,000 acquisition financing of an industrial property in Carlsbad, California. The subject property is a two-story building with 32,000 square feet of industrial space. Financed with life insurance company execution, PSRS provided its borrower a non-recourse loan with a five-year term at a 5.55% rate and a 30-year amortization. This deal closed in 35 days to meet the borrower’s 1031 exchange deadline. The deal was funded with only a signed lease while the tenant finalized tenant improvement work. The Lender also locked rate with only a signed application, taking advantage of a drop in the treasury while waiting on a deposit wire.