Quote from borrower:
“The team at Rubicon was great to work with and did
exactly what they said they’d do.”
This well-located San Francisco property is 29,369 square feet that have over 40 underground parking stalls. The property has been owned by the borrower for almost 20 years with which Walgreens being the main tenant. There is also a local gym that occupies half the space and this is one of 8 locations. Walgreens has 14 months remaining on its lease. In this market, without a signed extension from
Walgreens conventional lenders are not interested in extending credit. Being a private direct lender, Rubicon has flexibility allowing us to make this loan. The 18-month loan from Rubicon gives the borrower time to either resign with Walgreens or find a new tenant.
Loan Amount: $6,600,000
Loan Term: 18 Months
Loan Position: 1st Deed of Trust