Capital One announced it has brokered a $5 million fixed-rate loan to refinance a 103,755 square-foot industrial building in Whittier, California.  Kristen Croxton and Greg Reed, Senior Vice Presidents in Capital One Multifamily’s office in Newport Beach, California, brokered the loan to a life company.  “This transaction is another illustration of our determination to secure the right financing for our clients,” Reed said. “In this case, life company financing best matched our client’s needs.”
 
The borrower, Pacific Park Partners, is a repeat customer of Croxton and Reed.  The company has owned the property for 20 years and plans to upgrade its exterior.  Built in 1973, this multitenant industrial center is located next to the 605 Freeway and is 100% leased.
 
“I was impressed by the way Greg and Kristen brokered the loan to secure the terms we were looking for,” said the President of Pacific Park Partners.  “They made the process as easy as possible, and completed the deal on time; we were very satisfied with the result.”
 
The fixed-rate loan has a 10-year term, two years of interest-only payments, and the remainder amortized on a 30-year schedule payable on an actual/360 basis.
 
“Our philosophy is to fit the loan to the lender,” Croxton said.  “And that means being willing to explore all the options.”
 
Capital One Bank’s Commercial Real Estate Group provides financing in markets nationwide, offering a comprehensive array of solutions for property owners and developers, including balance sheet and agency lending, financing, underwriting, and treasury management.