Seven industrial properties, spread across Los Angeles and Orange counties, have secured nearly $50 million in financing via Newport Beach-based MetroGroup Realty Finance.
The $58.7 million deal addresses the influx of interest in financing for industrial properties over the past several months – likely a combination of optimism in the overall marketplace and still-record-low interest rates.
The affected properties include:
$29 million in refinancing for a 503,156 square-foot industrial park totaling five buildings in the Los Angeles County submarket of Pomona
$10.2 million in refinancing for a 63,135 square-foot industrial property in the Los Angeles County submarket of City of Industry
The $2.2-million refinance of a 13,175 square-foot industrial building in Anaheim
The $3-million refinance of a 18,476 square-foot industrial building in Torrance
The $3-million refinance of a 28,030 square-foot industrial building in Santa Ana
The $4-million refinance of a 22,989 square-foot industrial building in Santa Ana
The $7.3-million refinance of a 39,700 square-foot industrial building in Los Angeles.
(A previous version showed the deal at $48.6 million. The actual value is $58.7 million. The story has been updated to correct the number.)