California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
MetroGroup Arranges Refi for Pomona Manufacturing Facility
MetroGroup Realty Finance, a private commercial mortgage banking firm based in Newport Beach, provided a $24-million loan to refinance a 228,000-square-foot single-tenant, owner-occupied manufacturing facility located at 2200 S Reservoir St., Pomona. Working on behalf of the borrower, VP Ivan Kustic closed on a fixed-rate senior loan on the property with an international bank based in Europe.
“The owner requested the financing to retire the existing loan and provide additional liquidity to the business.” said Kustic. “This financing structure allowed our client to reduce their current interest expense while taking advantage of earned equity to create the liquidity to grow and expand into other product lines.
He added, “Even with the recent spike in interest rate, we were able to provide attractive terms to our client in large part due to the building’s location and manufacturing capabilities. Our client’s business requires a considerable amount of power.”
- ◦Financing
