The Village Apartments
$17,100,000 Multifamily Loan from Life Insurance Company
Grady Seldin, CPA of PSRS arranged the $17.1MM refinance of a multifamily property in Downey, California. The subject property is a 129-unit, 2-story garden-style multifamily complex built in 1955. The property is historically always occupied in line with the vacancy rate of the market. Averaging 97% occupancy since 2018, this property stays updated and turns with every move-out. Financed with one of our correspondent life insurance companies, PSRS was able to secure for its borrower a non-recourse loan with a 5-year term and 30-year amortization.
This deal provided the borrower with a fixed rate in the mid-2% range for five years that significantly beat local banks and agencies. PSRS was able to custom tailor the deal with an attractive rate and significant cash-out, improving the business plan of the borrower as the property continues to appreciate.