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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
03/01/2024
Property Type
Property City
Walnut Creek
Property State
CA
Loan Term (months)
36
Lien Type
1st Trust Deed
Payment Type
Interest Reserve
Property Value
$11,000,000
Loan-to-Value
49%
Renovation Budget
$4,300,000
Deal Summary
Rubicon Mortgage Fund, a direct private money lender, funded a $5,500,000 1st lien position equity cash-out hard money loan secured by a Class-A medical office building in Walnut Creek, CA. The loan-to-value was under 50%. The use of funds was for tenant improvement dollars to build out over 30,000 square feet of medical space. The building has credit tenants who have signed long-term leases. Originally the property was acquired in cash for $15,700,000 in July 2020. It comprises over 108,000 square feet of office space, and the lot size is 5.9 acres with 477 parking stalls. The loan includes a two-year interest reserve. The ownership group includes Harrison Street & Pinnacle Capital. The loan term was set at 3 years. This hard money refinance loan was funded in March 2024.
Funded By
Rubicon Mortgage Fund, LLC
Northern California’s Premier Direct Lender | No Appraisal Required
Dealmakers
Vance Hillstrom
CEO
CA DRE Broker Lic. 01908390