Eastern Union, one of America’s largest commercial real estate mortgage brokerages, has secured $10 million to refinance an owner-occupied, 102,862-square-foot industrial condominium in San Fernando.
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 Street.
The Eastern Union brokers were senior loan consultant Alex Jaffa and loan originator Ben Halpern.
The lender, Valley Bank, provided a two-year loan with a one-year extension option, a fixed 6.23% 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. The borrower is Dreadnaught Properties Los Angeles.
“Alex Jaffa and Ben Halpern provided extraordinary service to this client,” said Abe Bergman, president and co-founder of Eastern Union. “Most lenders do not do cash-outs or non-recourse transactions on owner-occupied properties. The Eastern Union team found a lender that accommodated the client on both fronts, while also providing flexible prepayment terms.”
The building consists of 6,738 square feet of office space and 96,124 square feet of warehouse/manufacturing space.
Founded in 2001, 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.
Information for this article was sourced from Eastern Union.
