|DATE OF FUNDING||3-3-2015|
|GROSS LOAN AMOUNT||$1,500,000|
|LOAN TO VALUE||67%|
|NET NOTE RATE||7.95%|
|TERM OF INVESTMENT||24 Months with 6-month Lockout|
$1,500,000 FOR THE REFINANCE OF AN OFFICE PROPERTY
The sponsor sought $1,500,000 to refinance a 9,834 sf three story multi-tenant Retail/Office building in Oakland, CA. The subject property fronts onto a heavily trafficked street close in proximity to the Fruitvale BART Station, Fruitvale Transit Village, and the trendy retail/restaurant area of International Boulevard.
The owner did a complete renovation of the property in 2007. Renovations included new sewer, water, electrical, drywall, windows and flooring. Currently, the property is 100% occupied (10 tenants) with retail on the first floor and offices comprising the upper levels. There is a proposal to build a 270 unit apartment building across the street from the property. Construction on this apartment building would begin in the summer of 2015. Also, a 7 story senior care facility is planned to be built close in proximity to the property. ABLP expects a steady increase in rents as the area continues to be revitalized.