Santa Clara Land Purchase
Lone Oak Fund aided in the $6.1M purchase of a 1.45 acre parcel in Santa Clara, California. The land, zoned and entitled for high density residential development, is located on a main thoroughfare in the heart of the city, and was appraised for $8.075M in September of this year. Lone Oak Fund provide a first trust deed in the amount of $1.75M; the rest of the funds came from a third party junior lender, and the Borrower’s own cash. The Borrower, an experienced developer, is now seeking construction financing to continue the project.