San Francisco Hotels
Lone Oak Fund provided $7,250,000 in financing on two hotels in the Russian Hill neighborhood of San Francisco. One of the hotels is owner-operated, while the other is leased to an operator. Both hotels, totaling 124 rooms, consist of 36,000 square feet of improvements and nearly an acre of prime San Francisco land.
The Borrower was introduced to Lone Oak through his mortgage broker while searching for a short-term loan to pay off existing liens and prepare for a conventional refinance. The 18 month loan closed at 8.30% interest only with no prepayment penalty. The Broker earned 1.0 point on the transaction.