CBC Alliance Industrious in Refinancing City of Industry Asset
- Aug 20, 2015
By Alex Girda, Associate Editor
A refinancing process was recently completed by Coldwell Banker Commercial Alliance in the City of Industry. Arranged by the Los Angeles-based Senior Director of Loan Originations Gianni Novo, the refinance was worth $20 million. The 10-year fixed, non-recourse debt was sourced from Deutsche Bank.
The refinance was a CMBS execution on a 324,925-square-foot industrial property. The single-tenant, owner-user corporate HQ building is located in Industry, an L.A.-area city whose market is dominated by industrial real estate.
According to Gianni Novo, the team worked with the lender to “overcome challenges commonly encountered with institutional sized CMBS transactions of this nature.” Novo also mentioned that the deal’s owner-user aspect underlines the financing community’s “increasing appetite for debt yield on non-credit grade assets.” The financing process eventually closed successfully, in an environment that has become more volatile following the Greek/Eurozone debt crisis.
CBC Alliance Executive Vice President of Capital Markets, Adam Petriella mentioned that the deal is indicative of the company’s current strategy, one that pursues to strengthen its relationship with the banking community, and as a result, bolster its ability to offer the strongest financing offers.