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Construction Loan for $18,000,000 Secured by Commercial Real Estate Lender, Pacific Security Capital
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Added: 11/11/2004
Type: Summary
Viewed: 729 time(s)
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Construction Loan for $18,000,000 Secured by Commercial Real Estate Lender, Pacific Security Capital
Portland, OR November 11, 2004 -- http://www.pacificsecuritycapital.com - Pacific Security Capital (“PSC”), a leading commercial real estate lender headquartered in Portland, Oregon announced today that it secured a $18,000,000.00 construction loan for a high-end resort property.
Pacific Security Capital provided a 75% LTV construction loan floating at .75% over Prime Rate. The newly obtained loan allowed Pacific Security Capital’s client to recapitalize the project by taking out another lender and increasing the amount of leverage on the project.
According to Mike Wezlick, Senior Managing Director for Pacific Security Capital, "This construction financing project had a variety of issues that come with recapitalizing a project already under construction.” "It was understanding the market and having experience within a more challenging asset class that allowed efficient execution on this transaction, said Wenzlick."
"The value Pacific Security Capital added to this transaction with creative underwriting and sophisticated financial engineering allowed a project whose momentum had all but come to a halt to move forward again properly capitalized for success,” said Mike Myatt, Executive Managing Director of Pacific Security Capital.
About Pacific Security Capital (PSC)
Pacific Security Capital (“PSC”) is a leading commercial real estate lender and real estate capital markets expert. Pacific Security Capital provides commercial real estate loans, construction loans, bridge loans, debt, equity and hybrid capital for the acquisition, development, renovation, mezzanine, and bridge financing and permanent financing of commercial real estate projects requiring more than $2MM in financing. Pacific Security Capital is headquartered in Portland, Oregon with other locations across the United States. More information about the company can be found at www.PacificSecurityCapital.com.
Contact:
Pacific Security Capital
Mike Myatt
Direct: 503-670-5415
Fax: 503-670-9400
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