PSRS refinances $3M Commercial Kitchen & Food-Truck storage in Los Angeles, CA
FOR IMMEDIATE RELEASE
February 7, 2017
Los Angeles, CA – PSRS, (Pacific Southwest Realty Services) a Southern California based commercial mortgage banking firm, recently closed a $3M refinance for LA based Reba’s Kitchens, LLC on a 14,546 sf building and adjacent parking lot in unincorporated East Los Angeles. The building includes 18 Units of commercial kitchen space in a converted industrial warehouse. The property is leased to local caterers and food preparers seeking a licensed facility where they can have their own kitchen at a reasonable price. In addition, the neighboring parking lot consists of approximately 25 spaces which include lighting, plumbing/electrical hookups, and waste disposal for overnight food truck parking and storage. The five-year loan, arranged with one of PSRS’s correspondent life insurance companies, was used to pay off existing debt and recapitalize the improvements made to the property.
PSRS is one of the largest privately-held commercial mortgage banking firms in the Western United States. Their long-term lending relationships as a life insurance company correspondent allow access to diverse capital for commercial real estate and multi-family loans of all sizes, while in-house servicing provides customer service over the life of the loan. The PSRS team has funded a number of loans through various economic cycles and has a track record of closing loans on a timely basis.