**Eastern Union Secures $10M Refinance for San Fernando Industrial Property**
Eastern Union has successfully arranged a $10 million loan to refinance a 102,862-square-foot industrial condominium located in San Fernando, approximately 23 miles northwest of Los Angeles.
The financing was secured by Eastern Union’s senior loan consultant Alex Jaffa and loan originator Ben Halpern. The borrower in the transaction was Dreadnaught Properties Los Angeles.
Valley Bank served as the lender, issuing a two-year, interest-only loan with a fixed interest rate of 6.23%. The loan includes a one-year extension option and is structured as non-recourse. Notably, the transaction includes a $5 million cash-out from a previous loan and features decreasing prepayment penalties across the three-year period.
Originally built in 1964 and renovated in 2007, the property is a single-tenant, owner-occupied industrial condominium. It serves as the headquarters for New Haven Moving Equipment, a wholesaler of moving equipment. The facility is a one-story structure situated on 4.23 acres at 13571 Vaughn Street.
