Progress Capital Arranges a $10,400,000 Loan For Mixed-Use Property in Los Angeles
Abe Mann, Managing Director at Progress Capital secured a $10,4000,000 CMBS loan on behalf of his clients for a Mixed-Use commercial property located in Los Angeles County in Pomona, CA.
Abe secured the cash-out refinance with a low 10-year fixed rate and 5 years Interest Only on a non-recourse basis. Financing was provided by Deutsche Bank.
The property was acquired from the City as a distressed sale in late 2018 for $6,000,000 with $2,000,000 in Cap Ex invested by the sponsor.
The 65,000 SF building was developed in 2003 and is located in the heart of Downtown Pomona directly across from Pomona City Hall. The property is anchored by El Jefe and Senior Sushi restaurants. Other tenants include Starbucks, US Bank, Flame Broiler, Pomona Chamber of Commerce and UPS Store.
The city of Pomona is tucked in the Pomona Valley section of Los Angeles County and is surrounded by mountains. This busy city is known as a college town and home to Cal Poly Pomona, Western University of Health Sciences, and Western University College of Veterinary Medicine.
Progress Capital is a NJ based commercial lender serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress