$6,150,000 Industrial Loan from Life Insurance Company
David Hamilton of the PSRS San Diego office has arranged a $6.15 million refinance loan of a brand new, Class-A, concrete tilt-up warehouse in Temecula, California. The request was to refinance a maturing construction loan and a challenge that arose was that only 78% of the square footage was leased. While other mortgage bankers and lending institutions offered the borrower expensive bridge loan options, PSRS was able to outcompete the market by securing a permanent, 10-year fixed, non-recourse loan with one of their correspondent life insurance companies. The low rate and fee financing facility saved the borrower substantial money.