(Pacific Southwest Realty Services) a Southern California based commercial mortgage banking firm, recently closed a $11.25M loan for a 90,626 SF grocery anchored shopping center in Phoenix, Arizona.
Originally built in 1979, and renovated in 2006, the center is in a densely Hispanic market, with a huge consumer base in the area. (There are 58 El Super locations in the Southwestern US, and 3 in the city of Phoenix.) Some of the other 17 tenants in the center include, Walgreens, Payless Shoe Source, H&R Block, Subway Sandwiches, Hollywood Beauty, Rent‐A‐Center, and ACE hardware. PSRS Principal, Kostas Kavayiotidis, closed the fifteen‐year non‐recourse loan with a long time correspondent life company. The borrower is Red Mountain Retail Group, who’s portfolio encompasses 87 shopping centers with nearly 4 million square feet of commercial retail development.
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.