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.
![Apartment Oakland, CA Apartment Oakland, CA](https://www.gracecapital.com/wp-content/uploads/2022/06/apartment-oakland-ca.jpg)