$2.4MM refinance of a heavy industrial property in Phoenix, AZ.
Jennifer Mustard of PSRS arranged the $2.4MM refinance of a single-tenant heavy industrial property in Phoenix, Arizona. The subject property consists of three buildings totaling 27,517 SF and is a single-story, concrete block construction with pitched roofs. The property is in the Central Industrial District, conveniently located two miles northwest of Downtown Phoenix. The tenant has occupied the space for 20 years and signed a new 10-year lease in 2020. Financed with credit union execution, PSRS was able to provide its borrower a 73% loan-to-value, 10-year term loan.