CRE News Roundup

Jonny Soleimani of PSRS arranged the $5.55 million refinance of an industrial property in Commerce, California. The subject property is a 29,623 SF and single-tenant warehouse built in 1952 of masonry construction with a total of 16 parking spots situated on 1.07 acres. The building is approximately 24’ with 14’ clear height. The borrower purchased the property less than a year prior to the refinance request and added significant value by having a signed lease in tow that significantly raised the rent and lengthened the lease term. For this reason, many lenders considered it “unseasoned.” Our bank recognized the value, location and strong borrower and provided our client a 5-year term with a 25-year amortization without changing the rate or requiring any deposits.

Jonny Soleimani of PSRS arranged the $2.62 million refinance of an industrial property in Los Angeles, California. The subject property is a 34,260 SF multi-tenant industrial property situated on 1.2 acres built in 1949 of metal. It was most recently renovated in 1996 and has five available parking spaces. There is one dock and nine total 8x10 drive-ins. Financed with credit union execution, PSRS provided its borrower with a five-year term loan with a 25-year amortization and no prepayment penalty. Although rates rose significantly throughout the loan process, the lender honored their initial quote until close.