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CARLSBAD, CALIF. — PSRS has arranged $6.7 million in construction financing for a shopping center in Carlsbad. The project is a ground-up, partially preleased multi-tenant retail development. Trevan Swierczewski and Alexander Santulis of PSRS secured the nonrecourse financing, with a high-leverage structure, through a local debt fund. The financing features a 24-month term with two six-month extension options.