$4,950,000 60-unit Apartment in Sacramento

Rubicon financed a $4,950,000 private money loan for the acquisition of a 60-unit apartment complex located in Sacramento, CA. To further secure the transaction, Rubicon leveraged an additional 25,000 sq. ft. office building located in Sacramento as additional collateral, owned free & clear. In addition, our borrower came in with $2 million cash of which $1 million was from a partial 1031 exchange. The subject property being purchased is a 60-unit apartment complex, which was previously committed to low-income housing. With the expiration of the low-income restriction, the property created an opportunity for the buyer to implement rent increases while ultimately increasing the value of the building. The borrower intends to pursue refinancing with a traditional lender as part of the exit strategy.

CLTV: 56%