The asset involved in this transaction consists of two luxury beachfront residences located at 2020 The Strand and 2016 Ocean Drive in Manhattan Beach, California. The multifamily property encompasses a total of 15 units, with a combined square footage of 9,634. The loan secured for this transaction amounts to $12,000,000, highlighting the premium nature of the real estate involved.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $12,000,000
• Units: 15
• Square Footage: 9,634
• Address: 2020 The Strand & 2016 Ocean Drive
• Market: Manhattan Beach
• Lender: T.R. Hazelrigg IV - Avatar Financial Group
• Loan Terms: two-year
• Loan-to-Value: 35%

The financing has been facilitated by T.R. Hazelrigg IV representing Avatar Financial Group. The properties serve as free-and-clear collateral for the bridge loan, emphasizing favorable market conditions and investor interest in coastal locations. This strategy allows for leveraging high-value real estate while ensuring liquidity for other investment pursuits.