$5,000,000 Construction Loan in Oakland, CA
AB Capital provided a $5,000,000 bridge loan to pay off the existing purchase loan and allocate proceeds to complete construction. This loan is collateralized by an existing 11,204 square foot commercial building in the prime Jack London Square neighborhood of Oakland. The sponsor is an experienced real estate developer and has approved plans in place to renovate the subject property to include 12 new residential units plus 3 ground floor commercial/retail units with a total of 15,140 square feet. The loan is phase funded and comes with a personal guarantee from the sponsor.