Pennsylvania Ave Apartments

$1,200,000 Multifamily Loan from Life Insurance Company

City: San Diego, CA
Loan amount: $1,200,000
Lender type: Life Insurance Company
Property type: Multifamily
Size: 14 Units

Transaction description

Jen Mustard and Matt Winkler of PSRS arranged the $1.2 million refinance of a multifamily property in San Diego, California. The subject property is a two-story, wood-framed, apartment building with a courtyard in the Hillcrest area of San Diego. Community amenities include a quiet setting, available sun deck area, laundry facilities onsite, and storage lockers for personal use. Built in 1969, there are 14 total units along with 14 parking spaces. Financed with one of our correspondent life insurance companies, PSRS provided its borrower a 21% LTV, non-recourse loan, with a 10-year term and 30-year amortization. After being turned down by their bank due to size and cash-out, this Life Company loan helped the borrower (a family trust) to refinance the small balance of their current loan and provide cash-out to invest in new real estate.

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