$5,500,000 Cash-Out Refinance of a Mixed-Use Property in La Jolla, CA.
Ricky Giancola of PSRS arranged the $5.5MM construction take-out of a mixed-use property in La Jolla, California. The subject property, The Whitney, is two residential units above a ground-floor restaurant space. This crown jewel asset features a 3-bedroom, 3.5-bathroom unit on both the second and third floor with ocean views and subterranean garage access via a car lift and elevator. Financed with credit union execution, PSRS was able to secure for its borrower a 10-year term loan with 5 years of interest only. The interest-only was important to the borrower as they finish up tenant improvements on the much-anticipated MRKT Space restaurant opening soon.