Van Nuys Assemblage for Development
Lone Oak Fund just funded a $6,000,000 first trust deed secured by an assemblage of four multifamily parcels in Van Nuys. The four adjacent lots, totaling 56,033 square feet, are currently improved with 48 residential units. The Borrower acquired the parcels in 2005 and entitled the site for mixed use consisting of: 9,110 square feet of ground floor retail, two floors of basement parking accommodating 259 parking spaces, and 97 residential units occupying 110,000 square feet of floor area. The existing residential units have been vacated. The Borrower plans on paying off the Loan with a construction loan in the next 6-12 months.