THE BOARDWALK RETAIL/OFFICE CENTER
LFB recently arranged $3,900,000 in permanent financing for a 27,230 square foot, single-story, retail and office building located on Pacific Coast Highway in Solana Beach, CA. The property has a total of 1.4 acres of land and occupies nearly ½ of the city block. The property was built in the 1950s but went through significant renovations in the early 2000s. At the time of refinance, the property was 100% occupied.
LFB was able to structure a 10-year loan, based on a 30-year amortization schedule. The pricing was 3.94%, fixed for 5 years, with the last 5 floating at WSJP minus 81 bps. The loan was non-recourse, had a 3/2/1 prepayment schedule, and LFB was able to get all lender fees waived. One additional item negotiated for our client was converting to an LLC from a dissolving irrevocable trust. This ownership change will happen at the end of year 2 and will not require any additional underwriting or legal paperwork as it was worked into the initial financing and loan documentation.