Palm Springs Retail

Transaction description

William DeFanti of PSRS arranged the $2.7MM refinance of a multi-tenant retail center in Cathedral City, California. The subject property is a retail center with six inline spaces and 60 parking spaces totaling 22,100 SF. The property is a wood-frame construction recently updated in 2018 when a new roof was added. Funded with one of our correspondent life insurance companies, PSRS was able to provide for its borrower a 65% loan-to-value loan with a 10-year term and 25-year amortization. Closed at a competitive rate, the lender was able to get comfortable with this deal on location as they saw traffic start to pick back up in the neighboring vacation hotspot Palm Springs area. Deferred rents and rolling leases provided challenges but were also overcome due to the property’s location.