$10,900,000 San Diego Assemblage
Lone Oak Fund closed a $10,900,000 first trust deed secured by an assemblage of four commercial parcels in the Balboa Park neighborhood of San Diego. The collateral includes: 36,263 square foot medical office building, 9-unit apartment building, and 2 surface parking lots on over an acre of land. The Loan is priced at 7.90% interest only and 1.0 point for 12 months. Exit strategy is a construction loan. The Borrower intends to develop three of the four parcels into a 7 story, 141-unit luxury apartment building.