Eastern Union Secures $10 Million Refinance Loan for Owner-Occupied Industrial Condominium in San Fernando

Strategic Insights -

Eastern Union, one of America's largest commercial real estate mortgage brokerages, has secured a $10 million refinance loan for an owner-occupied industrial condominium in San Fernando, California. The 102,862-square-foot property, built in 1964 and renovated in 2007, is home to New Haven Moving Equipment, a wholesaler of moving equipment. Eastern Union's senior loan consultant Alex Jaffa and loan originator Ben Halpern negotiated the deal with Valley Bank, which 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.

Key Takeaways:

  • The refinance loan of $10 million was secured by Eastern Union for an owner-occupied industrial condominium in San Fernando, California.
  • The property, built in 1964 and renovated in 2007, is home to New Haven Moving Equipment, a wholesaler of moving equipment.
  • Eastern Union's senior loan consultant Alex Jaffa and loan originator Ben Halpern negotiated the deal with Valley Bank.
  • The lender provided a two-year loan with a one-year extension option and a fixed 6.23-percent interest rate.
  • The loan included interest-only payments over the full term and a non-recourse transaction with a $5-million cash-out of an existing loan.
  • The Eastern Union team provided extraordinary service to the client, finding a lender that accommodated the client on both fronts and provided flexible prepayment terms.
  • The property consists of 6,738 square feet of office space and 96,124 square feet of warehouse/manufacturing space.
  • Eastern Union is a national commercial real estate firm that employs more than 90 real estate professionals and closes billions of dollars' worth of transactions annually.
  • The firm leverages its relationships with lenders and its marketplace knowledge to secure the best available rates and terms.

Statistics:

  • $10 million: the amount of the refinance loan secured by Eastern Union.
  • 102,862 square feet: the size of the owner-occupied industrial condominium in San Fernando.
  • 1964: the year the property was built.
  • 2007: the year the property was renovated.
  • 6.23 percent: the fixed interest rate provided by Valley Bank.
  • 2 years: the term of the loan with an optional 1-year extension.
  • $5 million: the cash-out amount from an existing loan.
  • 4.23 acres: the size of the parcel on which the property is situated.
  • 23 miles: the distance from the property to Los Angeles.
  • 90: the number of real estate professionals employed by Eastern Union.
  • Billions of dollars: the amount of transactions closed annually by Eastern Union.

Sources:

  • Eastern Union
  • Valley Bank
  • New Haven Moving Equipment
  • PRNewswire
  • Eastern Union website (www.easternunion.com)