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PLAYA DEL REY, CALIF. — PSRS has arranged a $22 million cash-out refinance of Laguna Del Rey Apartments, a multifamily property in Playa del Rey.
Seth Ludwick secured the non-recourse loan that features a seven-year interest-only term, which includes a six-month forward rate lock and step-down prepay after year three. The loan was financed with one of PSRS’ life insurance correspondents.
Laguna Del Rey Apartments features 130 units in a variety of floor plans, common area amenities and open parking spaces.