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7/15/16
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Pacific Southwest Realty Services closed a $7.25 mil, non-recourse loan on a 31.5k sf, low-rise office building with an interior courtyard and two levels of subterranean parking in Corona Del Mar. The property is located on Pacific Coast Highway and is walking distance to multiple shops and restaurants.
The deal is for a 31,544 SF low-rise office building with an interior courtyard and two levels of subterranean parking in Corona Del Mar, California. The property is located on the Pacific Coast Highway and is walking distance to multiple shops and restaurants.
The loan funds are intended to pay off existing debt and to finance future improvements to the property. The 25-year fixed rate term is fully amortized and was rate locked at 4.35% at the time of application.
Kostas Kavayiotidis and Mike Thorpe of PSRS arranged the loan on behalf of a group of private investors through a correspondent life insurance company. The borrower weighed its options with a CMBS loan, but found the flexibility with the long-term life insurance company loan was more in line with their ownership strategy.PSRS will service the loan for the balance of the term.
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