Fleet Street Industrial

Transaction description

Jonny Soleimani of PSRS arranged the $5.55 million refinance of an industrial property in Commerce, California. The subject property is a 29,623 SF, single-tenant warehouse built in 1952 of masonry construction with a total of 16 parking spots situated on 1.07 acres. The building is approximately 24’ with a 14’ clear height. The borrower purchased the property less than a year prior to the refinance request and added significant value by having a signed lease in tow that significantly raised the rent and lengthened the lease term. For this reason, many lenders considered it “unseasoned.” Our bank recognized the value, location, and strong borrower and provided our client a 5-year term with a 25-year amortization without changing the rate or requiring any deposits.