$5,500,000 Cash-out Loan in Walnut Creek, CA

Rubicon Mortgage Fund successfully provided a cash-out loan in Walnut Creek, CA totaling $5,500,000 secured by a class-A office building located in Walnut Creek, CA. The use of funds was for tenant improvement dollars to build out over 30,000 square feet of medical space. The credit tenants signed long-term leases. Originally the building was acquired in cash for $15,700,000 in July 2020, the property comprises over 108,000 square feet of office space and the site is 5.9 acres with 477 parking stalls.  The refinance loan in Walnut Creek, CA includes a two-year interest reserve. The project partners include Harrison Street, while ownership is held by Pinnacle Capital.

Loan Amount: $5,500,000

Loan Term: 36 months
LTV: under 50%

Loan Position: First Position Deed of Trust