La Jolla Bank provided the capital to buy Chimney Rock Court at 3424 Chimney Rock Rd. on the west side of town. Sean P. Bushe in La Jolla's Dallas office tells GlobeSt.com that he put together a 30-year, fully amortized loan with a 5.2% interest rate. The loan represents an 80% loan-to-value ratio.
Built in 1965, Chimney Rock is a five-building complex that had a 92% occupancy at closing time. It was, Bushe says, "a real bread and butter deal."
Bushe says the seller bought the property about two years ago and repositioned it for a resale a private investor from Centennial, CO. The only work left to do is cosmetic, he says.
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