$4,500,000 Coastal Multifamily Cross
Lone Oak Fund closed a $4,500,000 first trust deed on 3 coastal multifamily properties, totaling 26 units, in the Sunset Cliffs neighborhood of San Diego. All three apartment buildings are located a few blocks from the water. The investor acquired the apartments in 2015 in exchanges and pulled cash out to acquire more investment properties. The 60% LTC loan was priced at 7.90% interest only and 1.0 point for 6 months. The borrower’s exit strategy is a conventional bank loan which he anticipates will close in the next 60 days.