Springbrook Park Apartments

Transaction description

Jacob Lee of PSRS arranged the $4MM refinance of a multifamily property in Riverside, California. The subject property is a 120-unit, garden-style community that was built in 1971 and consists of 15 residential buildings and a management office. Situated on a 6.79-acre parcel, the individual buildings host a total of 8-units per building. Financed with one of our correspondent life insurance companies, PSRS was able to provide for its borrower a non-recourse loan with a 10-year term and 30-year amortization, in the low 3s with a minimal prepayment penalty.