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MetroGroup Secures $27M in Financing for Trio of SoCal Industrial Assets
Newport Beach-based MetroGroup Realty Finance arranged a total of $26.5 million in financing on behalf of the respective owners of three industrial properties in SoCal markets.
MetroGroup’s Ivan Kustic says, “Despite uncertainty driven by the year’s events, the capital markets are relatively stable and healthier than originally anticipated at the beginning of the pandemic. While lenders have certainly become more conservative in their underwriting and evaluate opportunities with increased scrutiny, they are still highly active”
The firm arranged refinancing for the following properties in the Inland Empire, Los Angeles and Orange County:
– $15.5 million in bridge refinancing to the owner of a 270,000-square-foot flex, office, and industrial building in Vernon. The property is fully occupied by the owner’s start-up company, which provides studio space to film and television production companies. The business plan for the property includes conversion from a prior use as a corporate HQ building.
– $7 million in permanent financing for a 100,000-square-foot industrial distribution and supply warehouse in Montclair.
– $4 million in permanent financing for a 30,000-square-foot industrial building in Lake Forest. The property is 100% leased to an automotive repair company.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
