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Commerce Industrial Lands Refi at Lower Rate
Marcus & Millichap Capital Corporation (MMCC) arranged $3.8 million for the refinancing of a 34,617-square-foot industrial property located at 2604 S. Malt Ave. in Commerce. Senior director Kevin Elliott and executive managing director Chad O’Connor in MMCC’s San Diego office secured the financing with a local credit union on behalf of a private owner.
“Our borrower’s loan had recently converted to an adjustable rate, and we were able to lower the rate and secure significant proceeds through this refinance,” said Elliott.
Terms of the six-year loan include a 5.58% interest rate fixed for the first three years, with 30-years amortization and a loan-to-value of 50%. The property is located near the Santa Ana Freeway and is currently occupied by RMD Trading Corp., a used clothing exporter that uses the space for distribution and storage.
- ◦Financing
