Acquisition Financing for 28-unit Apartment Building



Lone Oak Fund just closed a $2,961,000 first trust deed secured by a 15,000 square foot, 28-unit apartment building in the Westlake neighborhood of Los Angeles. The building has a good mix of 1, 2, and 3-bedroom units. The Borrower utilized Lone Oak Fund for a fast close and will eventually refinance with permanent debt.

Property Type15,000 square foot 28-unit apartment building
Transaction TypeAcquisition
Purchase Price$4,935,000
Loan Amount$2,961,000
Loan to Cost60%
Rate & Term6 months at 7.90% interest only
Origination Fee1.0 point
Prepayment PenaltyNone




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