NEWPORT BEACH, CA—Locally based private mortgage banking firmMetroGroup Realty Finance has arranged more than$30 million in financing for theacquisition and refinancing ofthree different Southern California properties. The assets totalmore than 194,488 square feet and are located in Laguna Niguel, SanDiego and Pomona, CA.
The firm provided $10 million in refinancing on a29,382-square-foot medical-office building at25500 Rancho Niguel Rd. in the MissionHospital submarket of Laguna Niguel. The property is ownedand was built in 1992 by the Buie Stoddard Group.MetroGroup provided a 10-year fixed-rate term at 65%loan-to-value.
“Buie Stoddard Group wanted to take advantage of the recentincrease in value, together with historically low rates, byrepositioning the existing low-leverage maturing loan, saysPat Ward, founder of MetroGroup. “ We drew uponthe strength of the borrower's South Orange County portfolioconsisting of 11 well-maintained and desirable properties totaling750,000 square feet. This allowed us to meet the client's needswhile securing a highly competitive rate.”
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
