Laguna del Rey Apartments
$22,000,000 Multifamily Loan from Life Insurance Company
Seth Ludwick of PSRS arranged the $22 million cash-out refinance of a multifamily property in Playa del Rey, CA. The subject property comprises consists of 130 units across two primary buildings and features a wide variety of unit types spacious floorplans, common-area amenities, and both covered and open parking spaces. Financed with one of our life insurance correspondents, PSRS provided its borrower a non-recourse loan with a seven-year interest-only term which included a six-month forward rate lock and step-down prepay after year three.