$5,500,000 Shopping Center Refinance
Lone Oak Fund provided a $5,500,000 first trust deed on a stabilized shopping center in Gardena, California. The owner of the property used the proceeds to pay off an existing loan and recoup funds from a partner buy-out. The 53,205 square foot retail center on a 3.54 acre lot is anchored by a market and includes a solid mix of service tenants. The 12-month loan is non-recourse, has no prepayment penalty, and is priced at 7.90% interest only. The mortgage broker earned 1.0 point on this transaction.