Beaverton, OR (PRWEB) October 11, 2005 –-
http://www.pacificsecuritycapital.com – Pacific Security Capital (“PSC”), a leading commercial real estate lender, announced today that it has provided an $8.3 Million industrial property loan to a local Portland-area property developer.
The loan was collateralized by a 200,000 square foot industrial property with an office component. The building is occupied by a single non credit tenant.
“The owner was able to negotiate a lease extension which allowed them to lock down today’s low interest rates and pull some equity out of the transaction,” said Michael Wenzlick, Senior Managing Director, Pacific Security Capital. “Even though the tenant was not investment grade we were able to provide long term non recourse financing for the borrower.”
“Concurrent with the loan closing, Pacific Security Capital coordinated the defeasance of the existing loan,” said Wenzlick, “which is a form of loan prepayment that is being seen more and more in the commercial real estate financing world today.”
Defeasance is a prepayment provision that is increasingly being used by commercial real estate lenders to substitute collateral and increase the predictability of payment streams, meaning that the lender can offer the borrower a lower interest rate.
Pacific Security Capital closed the loan at the end of September and provided a ten year fixed interest rate of approximately 5.3%.
To learn more about commercial loans from Pacific Security Capital or its preferred client program, PacificEliteTM please visit http://www.PacificSecurityCapital.com or call 1-800-844-6085.
About Pacific Security Capital
Pacific Security Capital is a leading commercial real estate lender providing commercial loans, structured finance, investment sales, equity financing and advisory services. The combination of direct lending, advisory, intermediary, corporate and professional services, syndication, investment sales and development services consistently allow PSC to rank among the leaders in the industry. PSC is headquartered in Beaverton, Oregon with other offices in major markets in North America and Europe. More information about the company can be found at http://www.PacificSecurityCapital.com.
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