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| 168,000-SF multi-tenant industrial asset, 6013-6021 Randolph Street, Commerce, CA |
COMMERCE, CA – MetroGroup Realty Finance, a private commercial mortgage banking firm based in Newport Beach, California, recently provided a total of $15 million in refinancing with a cash-out component for a 168,000 square-foot multi-tenant industrial asset in Commerce, California.
MetroGroup’s Vice President, Ivan Kustic, arranged the financing on behalf of the sponsor.
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| Ivan Kustic |
“The sponsor, who initially acquired the asset in 2003, wanted to take advantage of the low interest rate environment by replacing the existing loan on the property with one that was more competitively priced,” says Kustic.
“They were also seeking a portion of cash out to invest in other commercial properties.”
MetroGroup was able to secure financing that met the sponsor’s business objectives and cash-out requirements with a 10-year fixed-rate loan.
“Pricing was top priority for the sponsor, who had several very competitive options from existing capital relationships that had been developed over many years,” says Kustic. “MetroGroup was eventually awarded the assignment based on the extremely low rate we were able to secure.”
The industrial property is a multi-tenant warehouse and distribution facility that includes two buildings, a 93,000 square-foot building and a 75,000 square-foot building. The 75,000 square-foot building was added to the property in 2009 by the Sponsor.
Contacts:
Alex Caswell/Lexi Astfalk
Brower Group
(949) 438-6262
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