Bridge Loan for San Francisco Assisted Living Facility

Several weeks ago Rubicon Mortgage Fund funded a $1,900,000 bridge loan secured by an assisted living facility in the Portola District of San Francisco. The Borrower is a non-profit organization that needed funds to pay off creditors and relocate their residents. They plan to sell or gift the property to another organization. It's a very nice property - 35,000 square feet on 2 acres. It was owned free-and-clear and the estimated value is around $6 to $10 million so the LTV on our 1st trust deed loan is very low. The loan term is 2 years.