$3,250,000 Industrial Loan from Life Insurance Company
Michael Tanner and Jonny Soleimani of PSRS arranged the $3.25MM acquisition financing of an industrial property in Riverside, California. The subject property is a 25,560 SF single-tenant industrial property in Riverside, CA. It was built in 2003 with concrete tilt and contains 45 total parking spaces. There is a small office portion of roughly 3,993 square feet which features its own heating and cooling systems as does the rest of the building. Funded by one of our correspondent life insurance companies, PSRS was able to secure for its borrower a 10-year term loan and a 30-year amortization. PSRS won this owner-user deal based on our life company’s track record of smooth execution and ease for the borrower.