PSRS Snags $80M Loan for CA Community
- Apr 17, 2017
Pacific Southwest Realty Services (PSRS), one of the largest privately held commercial mortgage banking firms in the Western United States, has closed an $80 million loan for a 266-unit multifamily community in Goleta, Calif., west of Santa Barbara. The transaction was overseen by PSRS principal Mike Thorp.
The apartment community, Hollister Village, is a new luxury Class A residential development sprawling across a 13.7-acre parcel at 7000 Hollister Avenue, near the corner of Hollister Avenue and Glen Annie Road in Goleta.
The community includes 18 buildings, among them a recreation complex featuring a leasing center, business center, clubhouse, gourmet demonstration kitchen, fitness center, spa, community swimming pool, bocce ball courts, professional billiards, card tables, video gaming area, ping-pong, barbecue area, fire pits, Wi-Fil in community spaces, PetSpaw and a children’s playground.
Additionally, there are 524 parking spaces. That number includes 205 enclosed garages, 80 carports and 239 open parking spaces. Residents also have access to electric car charging stations and a car wash.
Features and finishes of the apartment homes include gourmet kitchens with granite countertops and European-style cabinetry, stainless steel appliances, private washers and dryers, designer-inspired modern flooring, generously-sized balconies and patios, roomy walk-in closets, central heating and abundant storage.
Hollister Village is a walkable apartment community steps from numerous recreation and shopping options. Girsh Park, Bluffs Overlook Trail and Santa Barbara Shores Country Park are also within walking distance, and Ellwood Preserve is nearby. A 76,000-square-foot shopping center is adjacent within the Hollister Village retail plaza. The Glen Annie Golf Club and Sandpiper Golf Club are short distances away.
The 10-year fee simple loan will amortize in 30 years. Financing for the deal was acquired by one of PSRS’s correspondent life companies. As a life insurance company correspondent, PSRS has long-term lending relationships that allow access to diverse capital for commercial real estate and multifamily loans of all sizes.
Proceeds were used to pay off expenses resulting from the construction of the Hollister Village development.