MetroGroup Secures $23M Acquisition Financing for IE Offices
Newport Beach, CA-based commercial banking firm MetroGroup Realty has secured acquisition financing to close a 1031 exchange transaction for a pair of office properties in the Inland Empire. The loans include $7.6 million for a 62,000-square-foot asset in Corona, CA and $15 million for a 178,000-square-foot office park in San Bernardino, CA (pictured).
“The borrower recently sold an industrial property in Monrovia, CA and was seeking reliable financing terms in order to secure the trade property and take advantage of a 1031 exchange opportunity,” said MetroGroup VP Ivan Kustic who arranged the financing. “The attractive yields for these assets coupled with strong fundamentals made these investments worthwhile for our client.”
The loan to support the Corona asset has an interest rate in the high-4% range with a 60-day rate lock and 25-year amortization. The loan for the San Bernardino office park has a 75-day rate lock, 30-year amortization and a low-5% interest rate.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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