Mission & Commerce Kitchens

$7,630,000 Industrial Loan from Life Insurance Company

City: Los Angeles & San Diego, CA
Lender type: Life Insurance Company
Property type: Industrial
Size: 18,724 SF

Transaction description

PSRS recently secured $7.63 million in financing through one of their correspondent life insurance companies for the acquisition and renovation of two industrial properties located in San Diego and Los Angeles. PSRS Principal Mike Davis arranged the financing for the borrowers, private Los Angeles based investors, who are using the funds to convert the properties from industrial use to multi-tenant commercial kitchen space. The lender provided 75% of the overall costs to close on the purchase and to fund the improvements to the properties. The borrowers have successfully executed on these conversions and subsequent operations of multiple other commercial kitchens in Southern CA.

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