Bridge Loan for Hotel Acquisition in San Francisco, CA

Funded by Rubicon Mortgage Fund, LLC

$6,600,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

02/15/2022

Property Type
Hotel
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.

Funded By

Rubicon Mortgage Fund, LLC

Northern California’s Premier Direct Lender | No Appraisal Required