Dunnegan Development

Transaction description

David Sarnoff of PSRS arranged the $3,487,500 acquisition financing of a single-family residential development site in Laguna Beach, CA. The subject property currently has a 2,100 SF home with tremendous ocean views that will be scraped to make way for a new development roughly twice the size. Financed with a debt fund execution, PSRS was able to provide for its borrower a one-year, interest-only loan that closed very quickly with limited documentation required in order to meet the seller’s requirements in what was heated competition for the property.