MANHATTAN BEACH – OFFICE/RETAIL

Transaction description

This portfolio includes 3 mixed‐use properties with office over retail located in the commercial core of downtown Manhattan Beach, CA. Of the 3 buildings, one was newly constructed in 2015 and features pedestrian‐friendly street‐level retail and second‐story office space with hardwood floors, beautiful floor‐to‐ceiling glass windows, and stunning panoramic ocean views and generous outdoor balcony space. The loan was made to a local investor in the South Bay, Cardinal Investments of El Segundo. The permanent non-recourse loan replaces a combination of construction, acquisition, and short term debt.