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| Alexa Mizrahi |
LOS ANGELES, CA – Lone Oak Fund, LLC, a private lender
specializing in short term real estate loans, has provided acquisition
financing for the purchase of a creative office property in Hollywood, Calif.
that will serve as an expansion of the existing Los Angeles campus of the
American Musical and Dramatic Academy.
The borrower, a New York-based college conservatory for the
performing arts, was seeking supplemental financing in a short timeframe in
order to secure this quality property for its Los Angeles campus expansion.
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| American Musical and Dramatic Academy 1641 Ivar Ivanue, Hollywood, CA |
“Hard money continues to be a key component in getting deals
closed in today’s competitive office market,” says Alexa Mizrahi, a
Senior Loan Officer at Lone Oak Fund.
“With banks continuing to be constrained by
post-credit-crisis regulations, many businesses are looking to private lenders
for creative solutions to get the money they need quickly.”
Lone Oak Fund provided $5 million in acquisition financing
for the purchase of the 19,000 square-foot Hollywood office building. The
building was acquired by the borrower for a total of $10 million, according to
Lone Oak Fund.
The property, located at 1641 Ivar Avenue in Hollywood,
Calif., will be eligible for conventional financing after interior improvements
are completed, according to Mizrahi.
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| Nicholas Roussos |
The 18 month loan, priced at 8.30 percent interest only, was
brought to Lone Oak by Los Angeles-based finance specialist Nicholas Roussos at
Avison Young.
“Strong broker relationships are essential to our business,
and we are absolutely committed to helping our broker partners meet the needs
of their clients,” explains Mizrahi.
“We know that consistency in speed, service, reliability and
fair pricing has been a driving factor in our success. It is the reason that
Lone Oak has successfully funded more than $2 billion in loans to date.”
For a complete copy
of the company’s news release, please contact:
Amanda Brenner or Jenn Quader
Brower, Miller & Cole
(949) 955-7940
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