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SAN DIEGO-The owner of a San Diego parking garage has recently secured a $6.9-million loan, which will be used to refinance the facility.

Cohen Financial has furnished the refinance debt placement for the parking garage, which is located at 1025 S. Laurel St. in San Diego. Encompassing 9,835 sf, the facility is operated by Ampco System Parking. The tenant here is San Diego Parking Garage.

Les Goldberg originated the three-year refinance transaction. Terms of the loan include pricing based on the one-month LIBOR, as well as a 75% LTV.

The transaction is the latest in a string of refinance deals to occur in San Diego and Southern California. Refinancing has actually become a nationwide trend over the past few quarters, as commercial property owners continue to choose this option due to the current low-interest rate environment.

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