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**Eastern Union Secures $10M Financing for San Fernando Industrial Property**
Eastern Union has secured $10 million in refinancing for a 102,862-square-foot industrial condominium located at 13571 Vaughn Street in San Fernando, California, approximately 23 miles northwest of Los Angeles.
The financing was arranged by Eastern Union’s senior loan consultant Alex Jaffa and loan originator Ben Halpern. The borrower in the deal was Dreadnaught Properties Los Angeles.
Valley Bank provided the two-year loan, which includes a one-year extension option. The financing package features a fixed 6.23% interest rate and interest-only payments for the full term. The non-recourse loan also includes a $5-million cash-out component from an existing loan and features prepayment penalties that decline over each year of the three-year term.
Originally built in 1964 and renovated in 2007, the one-story, single-tenant industrial facility is currently occupied by New Haven Moving Equipment, a wholesaler of moving equipment. The property sits on a 4.23-acre parcel.
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