MMCC Arranges $7M Refi for Ontario Industrial Property
Marcus & Millichap Capital Corporation (MMCC) has arranged a $6.9 million refinancing loan for an industrial property in Ontario, CA. The 10-year loan for the Inland Empire asset features a 5.125% interest rate, 30-year amortization and 65% LTV.
“The industrial sector in Southern California continues to flourish,” said MMCC’s Chad O’Connor who secured the financing on behalf of the borrower, along with the firm’s Kevin Elliott. “Despite the challenging market, there continues to be strong lender appetite for well-located industrial assets.”
Built in 1977, the 30,000-square-foot, single tenant industrial building is located at 1841 E. Acacia St., just off Mission Boulevard and immediately adjacent to Ontario International Airport. The property also has easy access to several freeways in the area, including Interstates 10 and 15 as well as State Route 60.
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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