Section 8 Multifamily Cross-Collateralization
Lone Oak Fund, LLC recently closed a $3,500,000 loan secured by a first trust deed on five Section 8 apartment buildings located in Mid City, Korea Town, and Downtown Los Angeles. Lone Oak Fund, LLC priced its first trust deed at 7.90% for 12 months and 2.0 points. The borrower concurrently obtained a second trust deed with a third party junior lender in the amount of $6,500,000. The borrower is repositioning the properties for sale in the upcoming year.