PSRS Secures $5.5M Nonrecourse Loan To Refinance Ocean Business Park In Costa Mesa
$5,500,000
$57/SF
Building Size
96,066 SF
Asset Type
Mixed-use
Closing
May 23, 2025
AI
The asset involved in this transaction is Ocean Business Park, a fully leased mixed-use property located in Costa Mesa. The total square footage is 96,066, and the transaction was for a refinance loan amounting to $5,500,000.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $5,500,000
- Loan Type: Refinance
- Loan Terms: nonrecourse, 10-year term, and 30-year amortization
- Market: Costa Mesa
Michael Tanner and George Gianoukakis from PSRS- Pacific Southwest Realty Services arranged the loan through a correspondent life insurance company lender, highlighting their role in securing financial backing for the property refinance.
Players
Market Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.88%
Cash-on-Cash
-0.82%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93