MetroGroup Realty Finance, a private commercial mortgage banking firm based in Newport Beach, recently provided a $24 million loan to refinance a 228,000-square-foot single-tenant manufacturing facility in Pomona. The property is located at 2200 S Reservoir St and is owner-occupied.
VP Ivan Kustic represented the borrower and successfully closed on a fixed-rate senior loan with an international bank based in Europe. According to Kustic, the owner requested this financing to pay off their existing loan and provide additional liquidity for their business. This new financing structure will allow them to lower their current interest expense while also using earned equity to create more liquidity for future growth opportunities.
Kustic also noted that despite recent increases in interest rates, they were still able to secure attractive terms for their client due largely to the building’s prime location and strong manufacturing capabilities. He added that because of the nature of their client’s business which requires significant power usage, it was important for them as lenders to understand these unique needs when structuring this deal.
This successful refinancing by MetroGroup showcases its expertise in providing tailored financial solutions for its clients’ specific needs while taking into account market conditions such as fluctuating interest rates.
