$13,500,000 Multi-Tenant Retail Loan from Life Insurance Company
PSRS placed a non-recourse loan with one of its correspondent life insurance companies for this multi-tenant anchored retail in Bell Gardens, CA. Village Square was originally built in 2006 in a partnership between the City of Bell Gardens and Primestor. It is currently 100% leased to 7 tenants, including Ross and Marshalls, both of which are performing above their national averages. The funds for the loan were used to pay off a maturing loan. PSRS had previously done a deal with the borrower to purchase the fee-interest in a bridge loan on the property.