$13,650,000 1st Trust Deed for Santa Monica Apartment Building
Lone Oak Fund financed the $22,756,000 purchase of a 21-unit apartment building on Ocean Avenue in prime Santa Monica. The $13.65M first trust deed represented 60% of the purchase price and 54% of the stabilized value. The building consists of 2-bedroom and 3-bedroom ocean view units. The 18-month interest-only Loan is priced at 7.90% and 1.0 point. There is no prepayment penalty.