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PSRS Secures $9.2M Refinancing For Historic Office Building In Santa Barbara
FINANCED
$9,200,000
California
See Similar DealsOffice40,000 SF
Financed 01/22/2026
FINANCED
PSRS Secures $9.2M Refinancing For Historic Office Building In Santa Barbara
924 Anacapa Street
See Similar DealsOffice40,000 SF
Financed 01/22/2026
Summary
CALIFORNIA
Asset Type:Office
Price Per Square Foot:$230
Total Square Footage:40,000 SF
Transaction Type:Loan
The Julia, a historic office building in Santa Barbara, has a square footage of 40,000 and is located at 924 Anacapa Street. The property was originally designed by Julia Morgan and underwent conversion to office use in the 1970s. Recently, it was secured for refinancing at a loan amount of $9,200,000.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $9,200,000
- Loan Type: Refinance
- Loan Terms: 25-year amortizing term with rate resets every five years
- Market: Santa Barbara
- Brokers: Seth Ludwick & Thomas Rudinsky - PSRS
PSRS arranged the refinancing for The Julia through a correspondent life insurance partner. This arrangement highlights the role of Seth Ludwick and Thomas Rudinsky in facilitating the loan process for this historic asset.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$9,200,000.00
Monthly NOI$61,333.33
Monthly Debt Service$58,150.26
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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