Southwood Village

$9,600,000 Retail Loan from Life Insurance Company

City: Torrance, CA
Loan amount: $9,600,000
Lender type: Life Insurance Company
Property type: Retail
Size: 67,302 SF

Transaction description

Trevor Blood of PSRS arranged the $9.6 million refinance of a retail property in Torrance, California. The subject property is a 67,302-square-foot multi-tenant retail center in the Palos Verdes submarket of the Los Angeles County South Bay. The subject was constructed in the 1950s, renovated in 2003, and is occupied by tenants such as Ace Hardware, Goodwill, Dollar Tree, Embroidme, and many more. Before the refinance was underway, roughly 30% of the property was impacted by a fire. Five of the 18 tenants had to have their spaces rebuilt, almost entirely, with the primary damage and start of the fire being located at the restaurant, Texas Looseys. The exemplary property management team and strong borrowers were able to attract permanent financing versus high-yielding bridge terms. Financed with Life Insurance Company execution, PSRS provided its borrower a non-recourse, five-year loan term with a 30-year amortization and two years of interest only.

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