LFB successfully arranged $11,200,000 for the refinance of two contiguous oceanfront homes in Laguna Beach, CA. Combined, the properties offer 142 feet of ocean frontage and nearly an acre of usable land. The two existing homes are 3,504 and 3,377 square feet in size. Each home offers 4 bedrooms, 4 bathrooms and are currently used as short term vacation rentals. The refinance allows for a payoff of underlying debt, cash out for the partnership, along with a holdback for purposes of covering entitlement costs for the contemplated redevelopment of the property. Borrower intends to process approvals for an 18,000 square foot luxury residence on the combined lots.
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