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4000 Pierce St, Riverside, ...

Updated May 12, 2025

Michael Tanner Of PSRS Secures $19M Loan In Riverside For MultiFamily Property
FINANCEDMultiFamily

Michael Tanner Of PSRS Secures $19M Loan In Riverside For MultiFamily Property

4000 Pierce St, Riverside, CA, 92505

$19,000,000

Units

358

Asset Type

MultiFamily

Closing

Nov 22, 2023

About this deal

AI

The transaction involves a multi-family asset located at 4000 Pierce St, Riverside, CA, 92505. The property, known as Riverside Meadows, is a 358-unit manufactured home community in the Riverside market. The refinancing secured for the community amounts to $19,000,000. The loan features a 10-year term and a 30-year amortization schedule. The property is strategically located among the 15, 60, and 215 freeways, includes mostly double-wide lots and offers an array of amenities.

Summary of transaction details:

  • Property Type: MultiFamily
  • Transaction Amount: $19,000,000.00
  • Address: 4000 Pierce St, Riverside, CA, 92505
  • Market: Riverside
  • Borrower's Representative: Michael Tanner (PSRS - Pacific Southwest Realty Services)
  • Lender: Unknown life insurance company

Michael Tanner and Jonny Soleimani from PSRS’ Los Angeles office were involved in arranging the non-recourse loan for the refinancing. The deal emphasizes the financial partnership established between PSRS and the unknown life insurance company as they navigate the terms of the loan for Riverside Meadows.

On the Map

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$19,000,000

MultiFamily

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Players

Michael Tanner

PSRS- Pacific Southwest Realty Services

Broker

$100M

vol

7 deals

Broker
Uc
Unknown life insurance companyLender
Bilt advertisement

Riverside MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.83%

Cash-on-Cash

-0.24%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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