Commercial Real Estate Investment Bank Secures $2,475,000 of Bridge Financing and Permanent Financing for an Office Property in Oregon
Bridge and permanent financing secured by Pacific Security Capital make it possible to fund a non-stabilized property in Oregon.
Portland, OR (PRWEB) October 18, 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 $2,475,000.00 of bridge financing and permanent financing for Bridgeport Crossing, a suburban Class "A" property in Portland, Oregon.
Pacific Security Capital provided a float to fixed first mortgage with a very competitive spread over the 30-day LIBOR for the 20,000 sq. ft. office building located in Portland, Oregon. The bridge financing allowed Pacific Security Capitals client to take-out their construction loan prior to the property being stabilized which was of significant benefit to the sponsor. After stabilization there is an option to fix the rate at a very competitive spread over the corresponding Treasury swap rate.
According to Mike Wenzlick, Senior Managing Director for Pacific Security Capital, "This project had a variety of issues that come with financing a non-stabilized property which also had a non-profit corporation as a significant owner."
"When we originally saw the transaction we underwrote it on a CMBS basis as the owner thought they had a tenant in tow that would provide the necessary occupancy prior to closing. However during underwriting the owner lost the tenant and we had to underwrite the loan on a portfolio basis in order to get it closed. The fact that we were able to deal with the vacancy issue and change direction midstream bears testimony to the value Pacific Security Capital adds to a deal with creative underwriting and sophisticated financial engineering," said Mike Myatt, Executive Managing Director of Pacific Security Capital.
About Pacific Security Capital (PSC)
Pacific Security Capital (PSC") is a leading commercial real estate investment banking firm and real estate capital markets expert. Pacific Security Capital provides commercial real estate loans, bridge loans, debt, equity and hybrid capital for the acquisition, development, construction, renovation, mezzanine, and bridge financing 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 www.PacificSecurityCapital.com.
Contact:
Pacific Security Capital
Mike Myatt
Direct: 503-670-5415
Fax: 503-670-9400
info@pacificsecuritycapital.com
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