Villa La Jolla

Transaction description

James Mulvihill and Kevin Mulvihill of PSRS arranged the $5.6 million refinance of an office property in San Diego, California. The subject property is a 21,944-square-foot single-tenant office building to be occupied by a start-up company. As the tenant is a start-up (no credit, no strong guarantors, no track record), this deal was underwritten on the strength of the guarantor. The start-up tenant will take 100% of a previously vacant building. Financed with bank execution, providing its borrower with up to a 60% LTV, five-year loan term on a 25-year amortization.