Laguna Beach Mixed-Use

Transaction description

David Sarnoff of PSRS arranged the $5MM cash-out refinance of a mixed-use property in Laguna Beach, California. The subject property consists of three ground-level retail spaces with five apartments on the floor above. The 6,850 SF, three-story building has been recently renovated and its retail portion enjoys 53 feet of frontage along Pacific Coast Highway. Financed with one of its correspondent banking relationships, PSRS was able to provide its borrower a non-recourse, 10-year interest-only loan and will sub-service the loan as part of its $6.4B servicing portfolio.