El Monte Industrial

Transaction description

Jonny Soleimani of PSRS arranged the $2.875 million refinance of a multi-tenant industrial property in El Monte, California. The subject property is a 23,230 SF single-story property built in 1989 with reinforced concrete. Situated on 1.14 acres of land, the property contains 32 open parking spaces. Financed with bank execution, PSRS provided its borrower a 10-year term with a 30-year amortization. The deal closed at approximately .28 bps lower than the initially quoted rate due to locking the rate at a time when the corresponding index dropped far below the level originally seen during the initial quote. The rate lock was extended twice, all while the lender was in the process of merging with another lender. PSRS was able to successfully get a step-down prepay of half of what is normally seen on a 10-year loan, allowing the borrower additional future flexibility.