Newly Constructed Industrial/Flex Building
Lone Oak Fund just closed a $1,800,000 first trust deed secured by a newly constructed industrial/flex building located near Paramount Pictures in Hollywood. The Borrower purchased the property as a tear down in 2007, began construction in 2009, and completed construction in 2013. The property is currently leased to a food distributor/caterer. The Borrower came to Lone Oak to pay off the existing construction debt and allow for seasoning of the existing lease. The Borrower will refinance with a conventional lender within 12 months.
|Collateral:||9,500 square foot newly constructed industrial/flex building on a 6,500 square foot lot|
|Rate:||8.30% interest only|
|Origination Fee:||1.50 points|