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Livermore Lockdown

Colliers VP Mandy Pakes tells us she just refinanced an industrial asset in the Las Positas submarket of Livermore. The 120k SF multi-tenanted property on Lawrence Drive has been fully occupied for over a decade. She was able to secure a forward rate lock, so that the private investor borrowers could refinance an existing CMBS loan. The loan-term was completed with a life company and a 15-year fully amortizing at a sub-3.9% interest rate. (What made the deal unique was it was a “forward commitment," meaning the interest rate locked at application but didn’t fund until several months later.) Mandy tells us she's got another deal in the pipeline closing next week.

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