Parking Lot Acquistion
Lone Oak Fund provided $4,125,000 in financing for the acquisition of a development site in Downtown Los Angeles. The Borrower, an experienced real estate developer, acquired the 15,732 square foot lot for $7,500,000. The property is currently used as a parking lot, but will be re-entitled for mixed-use development.
The 6 month loan is priced at 8.90% interest only . Lone Oak Fund charged 1.0 point as an Origination Fee. The Broker earned 0.50 point on this transaction. As always, there is no prepayment penalty. The Borrower will pay off LOF with a construction loan.