Newport Beach Hotel Acquistion
Lone Oak Fund provided financing for the acquisition of multiple investment properties in prime Newport Beach. The collateral includes: 16-room boutique hotel with ground floor restaurant, a quadruplex, and beachside cottage.
The Borrower purchased the pool of properties for $7,140,000 in a standard sale. LOF provided a 1st trust deed of $3,570,000 priced at 8.30% interest only. LOF sourced a 2nd trust deed with an established junior lender, and a private equity investor completed the capital stack with a 3rd trust deed.
Lone Oak Fund allows for junior financing and provides an Intercreditor Agreement to all subordinate lenders.