The borrower plans to convert a vacant 150,000-square-foot flex property in Los Angeles into a self-storage facility.
PSRS has arranged a $38.2 million bridge loan to convert a vacant approximately 150,000-square-foot flex property in Los Angeles into a self-storage facility.
Jonny Soleimani and George Gianoukakis of PSRS secured the financing for the undisclosed borrower.
The financing included a $12.8 million cash-out refinance, fully funded construction costs and an 18-month interest reserve, providing the borrower with the capital needed for the successful repositioning of the asset.
