Sail Otay Business Center

Transaction description

Ricky Giancola of PSRS arranged the $3.75M cash-out refinance of a mixed-use property in San Diego, California. The subject property, Sail Otay Business Center, is a 94,525 SF business park consisting of 58 unique industrial and office executive suites. Located in the fast-growing industrial market of Otay Mesa, the property is half a block from the Otay Mesa Port of Entry, the third busiest border crossing in the US. Financed with credit union execution, PSRS was able to secure for its borrower a loan with a 10-year term and 30-year amortization. The combination of cash-out and executive suites made for an unconventional request coming out of the pandemic, but the lender was able to get comfortable with the borrower’s strong operational strategy and ultimately increased the cash-out proceeds prior to funding.