$3,285,000 Industrial Loan from Life Insurance Company
Michael Warner of PSRS arranged the $3,285,000 cash-out refinance of an industrial-flex property in Santa Monica, California. The subject property is an 18,000 SF single-tenant research and development property. The building is two stories and was constructed in 1964 with a full renovation in 2015. The ground floor consists of specialized lab space and open creative office space with administrative space on the second floor. Financed with one of our correspondent life insurance companies, PSRS provided its borrower with a non-recourse loan with a 10+10+10-year loan term and a 30-year amortization.