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VERNON, CALIF. — MetroGroup has funded $15.5 million in bridge refinancing for the undisclosed owner of a 270,000-square-foot property in Vernon.
The asset is fully occupied by the owner’s start-up company, which provides studio space to film and television production companies. The borrower is converting the property from a corporate headquarters building into a flex, office and industrial space.
Ivan Kustic of MetroGroup arranged the cash-out refinancing that the borrower used to retire a higher-rate maturing loan and provide working capital.