Newport Beach Flex

Transaction description

David Smyle of PSRS arranged the $1.03 million cash-out refinance of a flex property in Newport Beach, California. The subject property is a freestanding two-tenant flex/industrial building totaling 10,000 rentable square feet. Built in 1965, the building combines masonry block and concrete tilt-up construction with flat built-up composition roofing. Financed with one of our correspondent life insurance companies, PSRS provided its borrower a 26% LTV, sub-7% loan with a ten-year (5+5) term and a 30-year amortization.