San Diego, December 12, 2025
PSRS has successfully arranged a $5.6 million refinancing for Washington Center, a retail property in San Diego. This refinancing will retire existing debt and provide the borrower with more financial flexibility. The move reflects how local businesses are adapting to market changes and maintaining their economic health in a competitive retail environment.
San Diego Retail Center Secures $5.6 Million Refinancing
San Diego, CA – The financial landscape of the retail sector in San Diego continues to evolve as PSRS successfully arranged a $5.6 million refinancing for Washington Center, a 33,971-square-foot retail property. This strategic move, facilitated through one of PSRS’ correspondent life insurance company lenders, not only retired existing debt but also provided the borrower with added flexibility through an option to extend the loan term. While the specific identity of the borrower remains undisclosed, this transaction exemplifies the resilience of local businesses in adapting to market dynamics.
This refinancing decision highlights the proactive measures taken by property owners to ensure their financial health amid changing consumer behaviors and economic conditions. As more local entrepreneurs strive to keep their businesses afloat in the competitive San Diego retail market, supportive financial arrangements like this are critical to sustaining operations and fostering long-term growth.
Property Details
Originally constructed in 1979, Washington Center boasts a diverse mix of local tenants occupying its retail spaces. With a focus on enhancing financial flexibility for ongoing operations, this refinancing represents a significant step forward for the property, aligning with broader trends observed in the San Diego retail sector.
PSRS’ Role
James Mulvihill and Kevin Mulvihill of PSRS played a crucial role in navigating the complexities of securing the refinancing, applying their expertise to meet the specific financial needs of the borrower. Their efforts not only facilitate the immediate financial adjustments necessary for Washington Center but also bolster the property’s capacity for future success.
Context
As retail centers across San Diego seek financial solutions to respond to evolving market conditions, this refinancing mirrors a growing trend in the sector. Investments in local real estate and businesses are essential for maintaining economic vitality as they promote job creation and community engagement. Strategic financial management, especially in challenging circumstances, underscores the importance of innovation within the San Diego business landscape.
Frequently Asked Questions (FAQ)
What is Washington Center?
Washington Center is a 33,971-square-foot retail property located in San Diego, CA, built in 1979 and leased to a mix of local tenants.
Who arranged the refinancing for Washington Center?
PSRS, through James Mulvihill and Kevin Mulvihill, arranged the $5.6 million refinancing for Washington Center.
What was the purpose of the refinancing?
The refinancing retired existing debt and provided the borrower with additional flexibility through an option to extend the loan term.
Is the identity of the borrower disclosed?
No, the specific identity of the borrower remains undisclosed.
How does this refinancing relate to the San Diego retail market?
This refinancing aligns with recent trends in the San Diego retail market, where properties are seeking financial solutions to adapt to evolving market conditions.
Key Features of the Refinancing
| Feature | Details |
|---|---|
| Amount | $5.6 million |
| Property Size | 33,971 square feet |
| Location | San Diego, CA |
| Year Built | 1979 |
| Tenant Composition | Mix of local tenants |
| Refinancing Purpose | Retire existing debt and provide loan term extension option |
| Borrower Identity | Undisclosed |
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