Hollywood Office Acquisition
Lone Oak Fund provided $5,000,000 in acquisition financing for the purchase of a 19,000 square foot office building in the heart of Hollywood. The Borrower, a New York based college conservatory for the performing arts, acquired the $10,000,000 building to incorporate into its Los Angeles campus.
The 18 month loan, priced at 8.30% interest only, was brought to Lone Oak Fund by a leading finance specialist at Avison Young. The property will be eligible for conventional financing once interior improvements are completed. As always, there is no prepayment penalty on LOF’s loan.