Portland, OR (PRWEB) September 20, 2004
Pacific Security Capital (ÂPSCÂ), a leading real estate investment bank headquartered in Portland, Oregon announced today that it secured $37,000,000.00 of permanent financing for a multi-family property in Arizona.
PSC 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 PSCÂs 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.Â 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,Â said Mike Myatt, Executive Managing Director of Pacific Security Capital. ÂFurthermore 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.
Pacific Security Capital
About Pacific Security Capital (PSC)
Pacific Security Capital (ÂPSCÂ) is a leading commercial real estate investment banking firm. PSC provides 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. PSC is headquartered in Portland, Oregon with other offices around the United States. More information about the company can be found at http://www.PacificSecurityCapital.com
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