Palm Springs Office

Transaction description

Jonny Soleimani of PSRS arranged the $1,025,000 refinance of an office building in Palm Springs, CA. The subject property is a 12,000 square-foot office building situated on a 0.61 acre-lot. Built in 1984, the one-story, walk-up property is currently 100% occupied with modified gross leases. The owner-user only experienced 450 SF of vacancy throughout the first year of Covid-19. Executed with one of our correspondent life insurance companies, PSRS was able to secure the non-recourse loan with a 5-year term and 30-year amortization schedule.