$3,925,000 Mixed-Use Loan from Life Insurance Company
Grady Seldin of PSRS arranged the $3,925,000 acquisition financing of a mixed-use retail/office business center located in San Antonio, Texas. The subject property is a two-building 34,241 SF office asset with 10 rentable retail units built in 1983 with most of the center leased to medical-related tenants. The property is in high demand as a single-story office/retail product with above market parking ratio in a strong commercial corridor of San Antonio. Financed with one of our correspondent life insurance companies, PSRS hit all milestones per the PSA to provide its borrower with a 10-year, fixed-rate loan at an attractive interest rate locked days before a spike. The insurance company was able to provide increased leverage given the existing relationship with this sponsor.