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CBRE Arranges $30M Refi for Single-Tenant Dixon Warehouse
CBRE secured $30 million in refinancing for the Dixon Commerce Center, a 447,042-square-foot warehouse building in Dixon, 23 miles from Sacramento. The sponsor was privately held real estate investment company Nearon Enterprises.
Shaun Moothart, Bruce Francis, Doug Birrell, Bob Ybarra, Nick Santangelo and Jim Korinek with CBRE Capital Markets Debt and Structured Finance team secured the fixed-interest rate, non-recourse loan through a large regional bank.
“Amid volatility surrounding the capital markets, while Nearon was also simultaneously negotiating a lease extension with the tenant, we got this financed with a large regional bank, supporting the fact that banks are still actively lending on commercial real estate for the best-in-class sponsors and assets,” said Moothart.
Located at 2299 Commerce Way, the building was built in two phases, in 1997 and 2007. The single-tenant property is situated on 29.79 acres and was renovated in 2019.
