The Babb Building

Transaction description

Ricky Giancola of PSRS arranged the $3.75MM cash-out refinance of the historic Babb Building, a mixed-use property in Laguna Beach, CA. Built in 1936 at the corner of the PCH and Thalia Street, the subject is home to a long-standing staple in the Laguna surf community, the Thalia Surf Shop. The property also features other retail and residential uses on the ground floor, with residential units overlooking the ocean on the second floor. Financed with credit union execution, PSRS was able to provide for its borrower a 10-year term and a 30-year amortization.