CBRE successfully secured $30 million in refinancing for the Dixon Commerce Center, a 447,042-square-foot warehouse located in Dixon. The property is situated just 23 miles from Sacramento and is owned by privately held real estate investment company Nearon Enterprises.
The CBRE Capital Markets Debt and Structured Finance team, including Shaun Moothart, Bruce Francis, Doug Birrell, Bob Ybarra Nick Santangelo and Jim Korinek worked together to secure a non-recourse loan with a fixed-interest rate through a large regional bank.
Despite recent market volatility and ongoing negotiations for lease extension with the tenant at the time of financing procurement , CBRE was able to secure funding from a reputable regional bank. This further demonstrates that banks are still actively lending on commercial real estate projects for top-tier sponsors like Nearon Enterprises who own high-quality assets such as this one.
Located at 2299 Commerce Way on nearly thirty acres of land , this single-tenant building was constructed in two phases – first in 1997 followed by an expansion project completed in 2007. In addition to its prime location near Sacramento,the property underwent renovations last year making it an even more desirable asset within its market segment.
