Commercial Real Estate Lender Pacific Security Capital Secures $7,500,000 of Permanent Financing for a Retail Property in Pennsylvania

Pacific Security Capital - commercial real estate lender's distinct advantage and expertise helps them land $7.5 million commercial real estate finance deal with retail shopping center.

(PRWEB) July 13, 2004 -- http://www.pacificsecuritycapital.com - Pacific Security Capital ("PSC"), a leading commercial real estate lender headquartered in Portland, Oregon has announced that it has secured $7,500,000.00 of permanent commercial real estate financing for a retail property in Pennsylvania.

The property is a 220,000 square foot shopping center with national and regional tenants located in a Pittsburgh, Pennsylvania suburb. Pacific Security Capital secured a first mortgage with a very competitive spread over the 10 year treasury from a conduit for which PSC is a correspondent. The commercial real estate loan allowed Pacific Security Capital's client to refinance a property acquired and repositioned and to lock in today's low rates. "The challenge with this transaction was that two new tenants had signed leases to complete the majority of the repositioning, but had not taken occupancy prior to closing. That we were able to structure the appropriate kind of reserves to satisfy both the borrower and our investor makes this financing notable," said Michael Wenzlick, Senior Managing Director of Pacific Security Capital.

"Being both a direct commercial real estate lender and intermediary we have a distinct advantage over most lenders when it comes to structuring, underwriting and closing transactions that require a higher level of understanding...We believe the ability to move quickly combined with our ability to understand the most difficult underwriting issues continues to separate Pacific Security Capital from the old line mortgage banking firms and intermediaries," said Mike Myatt, Executive Managing Director.

About Pacific Security Capital (PSC)
Pacific Security Capital provides debt, equity and hybrid capital for the acquisition, development, construction, renovation, bridge, mezzanine loans, mezzanine financing, commercial mortgage banking and permanent financing of commercial real estate projects requiring more than $1MM in financing. More information about Pacific Security Capital can be found at www.PacificSecurityCapital.com

# # #