Pennsylvania Avenue Apartments

$1,885,000 Multifamily Loan from Debt Fund

City: San Diego, CA
Loan amount: $1,885,000
Lender type: Debt Fund
Property type: Multifamily
Size: 5 Units

Transaction description

Daniel de Leon of PSRS arranged the $1,885,000 refinance of a multifamily property in the Hillcrest neighborhood of San Diego, CA. The property consists of five newly constructed units that will operate as short-term and mid-term rentals. PSRS sourced a debt fund lender that accepted the non-traditional income of the property without operating history and provided 10 years of interest only on a 30-year term. A three-year step-down prepayment penalty gives the borrower flexibility in their business model in the near future should an advantageous opportunity arise.

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