PSRS Arranges $14.5M Refinance Loan For Central Valley Plaza In Modesto, CA
2225 Plaza Pkwy
$14,500,000
Building Size
—
Asset Type
Retail
Closing
Sep 20, 2023
AI
The Central Valley Plaza in Modesto has secured a $14.5 million 10-year loan for refinancing. The property, located at 2225 Plaza Parkway, is a retail asset anchored by Walmart and Kohl's. The loan was arranged by Michael Thorp of PSRS and secured through a life insurance company on behalf of an undisclosed borrower.
Summary of transaction details
- Property Type: Retail
- Loan Amount: $14,500,000
- Loan Type: Refinance
- Loan Terms: 10-year
- Broker: Michael Thorp - PSRS
Michael Thorp from PSRS played a crucial role in arranging the $14.5 million loan for the Central Valley Plaza in Modesto. He worked with a life insurance company to secure the loan on behalf of an undisclosed borrower. This financing will provide the necessary funds for the property's refinancing, ensuring its continued success in the retail market.
Modesto Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.09%
Cash-on-Cash
-0.31%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93