Eastern Union Closes Financing for San Fernando Industrial

Eastern Union has secured $10 million to refinance an owner-occupied, 102,862-square-foot industrial condominium in San Fernando, 23 miles northwest of Los Angeles. The Eastern Union brokers were senior loan consultant Alex Jaffa and loan originator Ben Halpern. The borrower was Dreadnaught Properties Los Angeles.

The lender, Valley Bank, provided a two-year loan with a one-year extension option, a fixed 6.23-percent interest rate, and interest-only payments over the full term. The non-recourse transaction included a $5-million cash-out of an existing loan. It also carried decreasing prepayment penalties over each year of the three-year period.

Built in 1964 and renovated in 2007, the single-tenant, owner-occupied industrial condominium is home to New Haven Moving Equipment, a wholesaler of moving equipment. The one-story structure is situated on a 4.23-acre parcel at 13571 Vaughn St.

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Eastern Union's Jaffa

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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