SAN DIEGO, CA - Rockhall Funding Corp., an FHA MAP lender, funds a 35 year, fully-amortizing, fixed-rate, non-recourse, $8.9 Million FHA insured loan for Pebble Cove Apartments, San Diego, CA.
Pebble Cove Apartments is a 85 unit apartment complex built in two stages in 1978 and 1987. In 2008, Cinnabar LB, LLC acquired Pebble Cove Apartments and assumed the property’s existing interest only loan, scheduled to balloon in 2013. Rockhall Funding Corp utilized FHA financing to pay off the existing mortgage, increase owner return on investment, reduce the note rate, and finance repairs. An important part of the repairs funds included funds to retrofit older buildings to bring them into HUD seismic compliance.
“We submitted the loan application in early June and the Los Angeles HUD office delivered us a firm commitment before the end of August,” noted Scott Brown, Executive Vice President of Rockhall. “Given the number of loans that HUD offices are handling now, this is an excellent turnaround.”
Rockhall Funding Corp. is a commercial mortgage bank that specializes in FHA-insured apartment and healthcare lending. Rockhall is experienced with new construction lending as well as existing property financing and has closed both low-income and market-rate transactions. Rockhall offers all FHA commercial loan programs and services the loans we close. Rockhall sells loans as GNMA securities, so no one can beat its pricing.