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SAN BERNARDINO, CALIF. — Commercial mortgage banking firm PSRS has arranged a $11.2 million loan for the refinancing for a nine-story office building in San Bernardino. At the time of financing, the 126,000-square-foot property was 89 percent occupied, as it has been since 2000. Tenants include the IRS and the City of San Bernardino.
Jacob Lee and Nathan Toomey of PSRS utilized the bank lender to structure a five-year loan featuring a 25-year amortization, a dedicated CapEx holdback reserve and a highly favorable step-down prepayment penalty.