Eastern Union Facilitates $10 Million Refinancing for Industrial Facility in California

Eastern Union Secures Impressive $10 Million Refinancing in San Fernando, CA

Eastern Union, a prominent player in the commercial real estate mortgage brokerage scene in the United States, has completed a significant refinancing deal worth $10 million for an industrial condominium. Located in San Fernando, California, this property spans 102,862 square feet and serves as a key facility for New Haven Moving Equipment, a wholesaler in the moving equipment sector.

Situated just 23 miles northwest of Los Angeles, the single-tenant industrial condominium was constructed in 1964, with a substantial renovation occurring in 2007. The facility, which includes 6,738 square feet of office space combined with 96,124 square feet of warehouse and manufacturing area, is perched on a generous 4.23-acre lot at 13571 Vaughn Street, providing ample space for operational activities and storage needs.

The refinancing deal was led by Alex Jaffa, a senior loan consultant at Eastern Union, alongside loan originator Ben Halpern, who played a pivotal role in ensuring the success of the transaction. The financing was provided by Valley Bank, which extended a two-year loan that includes a one-year extension option. The loan features a fixed interest rate set at 6.23 percent with interest-only payment terms effective for the duration of the loan.

A notable aspect of this refinancing arrangement is its non-recourse nature, a rarity for owner-occupied properties. It encompasses a $5 million cash-out option from an existing loan, further enhancing the financial resources available to the property owner, Dreadnaught Properties Los Angeles.

In evaluating the successful execution of this deal, Abe Bergman, co-founder and president of Eastern Union, highlighted the extraordinary service provided by Jaffa and Halpern. He emphasized that most lenders tend to shy away from cash-outs in non-recourse transactions for owner-occupied properties. However, the Eastern Union team adeptly identified a lender willing to accommodate these specific requirements while offering flexible prepayment terms over the loan's three-year term.

As one of the major players in the commercial real estate sector, Eastern Union was founded in 2001 and boasts a dedicated workforce of over 90 professionals. The firm has consistently closed transactions worth billions annually, leveraging its extensive lender relationships and deep market insight to secure advantageous rates and terms for its clients.

Eastern Union's expertise encompasses a wide array of financing transactions, including conventional commercial mortgages, structured debt, and various property types such as multifamily units, office spaces, retail establishments, and more. Their dedication to fostering strong partnerships and expanding financial options for clients positions them as a trusted ally in the commercial real estate landscape.

For more details on their services and initiatives, visit Eastern Union's official website.

This refinancing event marks a significant achievement for both Eastern Union and its client, showcasing the firm’s ability to navigate the complexities of commercial real estate financing and deliver valuable solutions tailored to their clients’ needs.