Apartment Oakland, CA

GraceCapital.com is pleased to announce the closing of an $11,800,000 construction loan for a 39-apartment unit project in Oakland, California. The site was a former Chevron Service Station that had contaminated the subject site and surrounding area. However, we were able to mitigate the environmental issues with a long-term Indemnity Agreement. The Loan to Cost came in at 75% plus an Interest Reserve based on simple interest plus all financing costs included in the loan.