PSRS Secures $38.2M Bridge Loan To Convert Vacant Property To Self-Storage In Los Angeles

The transaction involves a development site in Los Angeles, consisting of a vacant flex property spanning 150,000 square feet. A bridge loan of $38,200,000 was secured to finance the conversion of this site into self-storage. The financing not only covered construction costs but also included a cash-out refinance component of $12,800,000 and an 18-month interest reserve.

Summary of transation details:

• Property Type: Development Site
• Transaction Amount: $38,200,000
• Loan Type: Bridge
• Asset Size: 150,000 square feet
• Brokers: George Gianoukakis & Jonny Soleimani - PSRS- Pacific Southwest Realty Services

The deal was arranged by brokers Jonny Soleimani and George Gianoukakis, who are associated with PSRS- Pacific Southwest Realty Services. Their role was instrumental in securing the financing needed for the development project.