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GARDENA, CALIF. — PSRS has secured $6.5 million in refinancing for an outdoor storage and parking facility totaling 117,250 square feet in Gardena. Michael Warner of PSRS arranged the 100 percent cash-out refinance to create liquidity for the beneficiaries on an irrevocable trust. The trust holds the property on behalf of third-generation beneficiaries, both of whom reside out of state. A bank provided the recourse loan, which features a two-year interest-only term and a 55 percent loan-to-value ratio.