Pacific Security Capital Secures $37,000,000 of Permanent and Bridge Financing for a Multi-family Property in Arizona

$37MM of permanent and bridge financing for a multi-family property in Arizona was secured by commercial real estate investment bank Pacific Security Capital within 30 days, thanks to a combination of creative thinking and efficient processing by PSC.

Portland, OR (PRWEB) September 20, 2004 -- http://www.pacificsecuritycapital.com - Pacific Security Capital (PSC"), a leading commercial real estate investment bank headquartered in Portland, Oregon recently announced that it secured $37,000,000.00 of permanent and bridge financing for a multi-family property in Arizona.

Pacific Security Capital provided a float to fixed first mortgage with a very competitive spread over the 90-day LIBOR for the 856 unit apartment project located in North Phoenix. The loan allowed Pacific Security Capitals client to purchase the property and to do a significant rehab to reposition the property. After stabilization there is an option to fix the rate at a very competitive spread over the corresponding Treasury swap rate.

According to Steve Otos, Director of Loan Originations for Pacific Security Capital, "This project had a variety of issues that come with financing a challenged property and closing in a very short time frame while satisfying the needs of an institutional equity source and a mezzanine lender." In this case it was creative thinking combined with efficient processing, professionally delivered that captured this business.

"The fact that this transaction originally came to us as a $15MM request for equity, and was funded as a $37MM float-to-fixed debt instrument bears testimony to the value PSC adds to a deal with creative underwriting and sophisticated financial engineering," said Mike Myatt, Executive Managing Director of Pacific Security Capital. Furthermore when you take into account a complex loan like this was closed within 30 days of receiving a signed loan application it should leave no doubt as to the strength of our execution capabilities," said Myatt.

Thinking outside the box and utilizing solid relationships built over time gives Pacific Security Capital the opportunity to offer outstanding financing products. This is an excellent example of just one of the many solid transactions we will deliver this year.

About Pacific Security Capital (PSC)

Pacific Security Capital (PSC") is a leading commercial real estate investment banking firm. Pacific Security Capital provides commercial real estate loans, debt, equity and hybrid capital for the acquisition, development, construction, renovation, bridge, mezzanine, and permanent financing of commercial real estate projects requiring more than $2MM in financing. Pacific Security Capital is headquartered in Portland, Oregon with other locations across the country. More information about the company can be found at http://www.PacificSecurityCapital.com .

# # #

Contact:

Pacific Security Capital

Jake Killin

Direct: 503-670-5427

Fax: 503-670-9400

info@pacificsecuritycapital.com