Tulare, CA

$1,535,000

Gym, Retail

Purchase

05/31/2016
Transaction by
Rubicon Mortgage Fund, LLC
In May 2016, Rubicon Mortgage Fund financed a $1.5MM private money bridge loan for the acquisition of a commercial property in Tulare, just south of Fresno, CA. The purchase price was $2,362,500. The Borrower put down 35% of the acquisition costs with a 1031 exchange, and we funded the remaining 65%. The subject property is a single-user 60,300 square foot retail building on a 6.64 acre lot. It was delivered vacant and sold by an auction company. The Borrower plans to build out the property as a gym. He owns a number of gyms / fitness centers throughout the Central Valley and Sacramento. Rubicon has funded a number of bridge loans for this Borrower on other commercial property deals over the past few years. He plans to eventually refinance with a conventional lender in order to pay off our 1st trust deed bridge loan. The loan term was 2 years.