Panorama Apartments

Transaction description

Grady Seldin and Nathan Toomey of PSRS secured a $5 million non-recourse cash-out refinance for a 48-unit multifamily community in Los Angeles’s Panorama City neighborhood. Spanning two adjacent parcels across two low-rise buildings totaling 34,100 square feet, the 1962-built asset has been continuously held by the same ownership for over 25 years.

Although a repeat client of Grady’s, the borrower had not previously worked with this particular lender. The transaction reflects PSRS’s ability to introduce established sponsors to new correspondent relationships. The loan is sized at about 60% LTV and offers a fixed rate at competitive pricing, providing the borrower long-term rate certainty. The structure includes a long-term amortization schedule and built-in prepayment flexibility toward the end of the term.