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4/01/15
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Scott Clark and Kostas Kavayiotidis out of Pacific Southwest Realty Services’ (PSRS) Los Angeles office have closed a $29.75 mil loan secured by a shopping center in Elk Grove, CA.
The loan was used to acquire the property, one of the dominant shopping centers in the city. The loan has a 20-year term with a 30-year amortization schedule and a loan-to-value ratio of 70%.
The non-recourse debt has a low fixed rate with the right of a top off. PSRS was able to complete the financing in 30 days from start to finish with one of their correspondent life insurance company lenders with whom they originate about $200-300 mil in real estate loans each year. In addition, PSRS will service the loan.
Commenting on this debt placement, Clark said, “What makes this deal noteworthy was our ability to get it done in 30 days because of the strong, long-term relationship between the life company, borrower and correspondent.”
Pacific Southwest Realty Services, founded in 1972, is a servicing correspondent lender for nearly 20 life insurance companies. With four offices in Southern California and a servicing portfolio in excess of $5B, PSRS can lend on all commercial property types nationwide.
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