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

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.