Renaissance Court

Transaction description

Kostas Kavayiotidis of PSRS arranged the $9.6 million refinance of a mixed-use property in Pasadena, California. The subject property is a 41-unit apartment complex over ground-floor retail in the heart of Pasadena. The unit mix breakdown includes 10 1-bed units, one 2-bed unit, 20 2-bed townhomes, 10 live/work units, and nine ground-level retail units. Financed with one of our correspondent life insurance companies, PSRS provided its borrower with a non-recourse loan with a 10-year term and 30-year amortization.