SAN DIEGO-Silvergate Bank, a San Diego-based community bank specializing in small business, has completed the $35 million funding of a three-property commercial real estate portfolio—the largest loan transaction in its history.
“This was a complex, high profile loan involving a single borrower and three commercial real estate assets,” said Derek Eisele, vice chairman and chief lending officer with Silvergate Bank. “We were able to refinance existing debt on the properties and provide $7 million of cash out to the borrower, affiliated companies of MetWest Ventures, an investment company. Silvergate Bank participated the loan out to three other lending institutions and was able to perform expediently with terms that met the client's unique needs.”
Details on the financed properties, all of which are in California, were not disclosed.
According to Richard Hollander, chairman and CEO of MetWest Ventures, “Our focus is on meeting the strategic objectives of our investors. Being able to work with a lending partner like Silvergate Bank who understood our requirements and could move quickly to provide an effective financing solution was very important to us and our ability to deliver to our investment partners.”
Silvergate Bank specializes in meeting the lending needs of small and growing businesses through a variety of products and services including owner-occupied real estate loans, construction loans and commercial property acquisitions and refinancings.
“This loan is a new milestone for us, as we continue to raise the bar of service and product delivery to our valued clients,” said Eisele. “Our strong capital position and reputation in the lending industry was instrumental in our ability to secure other participants and overcome the challenges of this transaction.”
Silvergate Bank is a San Diego-based bank that specializes in meeting the needs of small businesses through a comprehensive offering of lending products and personalized banking services. Silvergate Bank opened in 1988 and is a subsidiary of Silvergate Capital Corporation. Bank branches are located in Carlsbad, Escondido, La Jolla, La Mesa, and Lancaster.
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