Refinance of Retail Center
Lone Oak Fund refinanced an 8,165 square foot retail center in Gardena, California. The Loan of $1,545,000 is priced at 8.30% interest only and 1.50 points for 12 months. The Borrower needed to pay off the existing debt and pull cash out for tenant improvements. The property is currently occupied by a restaurant and tire center. The vacant space, totaling 3,419 square feet, will be occupied by two separate tenants within the next few months. The exit strategy is a conventional refinance once the property is stabilized.