CBRE Secured $9 Million in Cash Out Financing for an Industrial Facility in Alameda

CBRE has arranged $9 million in refinancing for a multi-tenant industrial building located at 800 West Tower Avenue in Alameda, Calif.

Bob Ybarra, Jim Korinek,  Bruce Francis, Shaun Moothart, Doug Birrell, and Nick Santangelo with CBRE Capital Markets Debt and Structured Finance team secured the fixed-rate execution while executing a forward rate lock prior to the run-up in treasury rates, eliminating the interest rate risk throughout the extended closing process. The loan is fully amortized for 25 years, with a rate reset at the end of every five years of the loan.

“Knowing the potential for market-rate risk during the closing process, we recommended that the client enter into a forward rate lock agreement of nearly four months," said Mr. Ybarra, executive vice president at CBRE. "This eliminated any interest rate risk. From the time of rate lock to the closing date, the 5-Year U.S. Treasury Yield increased 59 base points, resulting in substantial savings for our client.”

The property is fully-occupied. Situated on 6.68 acres directly north of the Alameda Waterfront, the property sits on West Tower Avenue between Monarch Street and Pan Am Way and has a 32-ft. clear height and 20 hanger-style doors, which form the east and west facades of the building.