Deal Details
Private Loan Type
Purchase
Approx. Funding Date
02/15/2022
Property Type
Property City
San Francisco
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Purchase Price
62%
Borrower's Contribution to Purchase
38%
Source of Borrower's Contribution
Cash
Building Square Footage
21,000
Exit Strategy
Refinance
Deal Summary
Rubicon Mortgage Fund, a direct private lending firm in the East Bay Area, provided a $6.6M bridge loan to secure the acquisition of a 65-unit historic hotel in the North Beach neighborhood of San Francisco, California. The loan-to-value for our 1st position private mortgage was 62%. The Borrower contributed 38% of the purchase price. The hotel was founded in 1906 and features a European style, furnished with Victorian-era heirlooms and historic photographs. The building’s size is approximately 21,000 square feet. The ground floor tenant is an iconic Italian restaurant. The property is within walking distance of popular San Francisco locations such as Ghirardelli Square, Pier 39, and Lombard Street. The Borrower is a seasoned hotel operator and plans to refinance into permanent financing. This bridge loan was funded in February 2022.