Bridge Loan for Hotel Acquisition in San Francisco

Funded by Rubicon Mortgage Fund, LLC

San Francisco, CA

$6,600,000

Hotel

Purchase

02/15/2022
Transaction by
Rubicon Mortgage Fund, LLC
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. 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 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.