GERSON LAW FIRM APC during the second week of March 2008, represented North Island Credit Union in closing a $17,940,000.00 construction loan to Ronald McDonald House Charities of San Diego, Inc.
The newly constructed Ronald McDonald House when completed, will be a residential facility to provide “strength and stability for families with children in medical crisis” and a “home away from home” for families whose children are being treated at Rady’s Children’s Hospital. The Ronald McDonald House when completed will be 40,000 square feet, including 47 rooms to accommodate up to forty (40) families, as well as a 20,000 square foot courtyard.
The new Ronald McDonald House in San Diego County will be built on the roof top of the parking garage of Rady’s Children’s Hospital in San Diego. Ronald McDonald House obtained a ground lease interest in the roof top of the parking garage.
In the first week of March 2008, GLF also closed three other loans, including two Fannie Mae multifamily loans, and an acquisition loan in the amount of $9,925,000.00 made by a privately held national real estate finance and investment company providing tailored capital. The loan was secured by an light industrial building of more than 25,000 square feet in San Diego, California.