2400 Yates – Gibson Building
$45MM refinance of an industrial property in Commerce, CA.
City: Commerce, CA
Loan amount: $45,000,000
Lender type: Life Insurance Company
Property type: Industrial
Size: 649,000 SF
Michael Tanner and Jonny Soleimani of PSRS arranged the $45MM (41.3% of appraised value) refinance of an industrial property in Commerce, California. The subject property is an approximately 649,000 square foot owner-user warehouse situated on 2 acres of land and built in 1960 with masonry construction. This 32-ft high building comes with a parking ratio of approximately 2.00/1,000 SF. The property is approximately 75% industrial and 25% office. Financed with one of our correspondent life insurance companies, PSRS was able to provide for its borrower a 2.75% interest rate, non-recourse loan with a 10-year term and 30-year amortization