Rexford Refis Southern California Industrial Portfolio With $60M Loan
Rexford Industrial Realty has landed a $60 million loan to refinance a portfolio of six properties in Los Angeles, Orange and Ventura counties.
Capital One (COF) provided the loan, the lender announced earlier this week. Michael Sleece, managing director of CRE investment banking at Capital One, led the deal.
“Capital One is a valued partner in supporting Rexford’s sector-leading growth,” Laura Clark, Rexford’s chief financial officer, said in prepared remarks. “Our favorable access to capital enables Rexford to capitalize on accretive internal and external value creation opportunities.”
The six properties are in Simi Valley, Oxnard, Camarillo, Fullerton, Irwindale and City of Industry. The six total 900,000 square feet and are 100 percent occupied, according to a release.
“Industrial real estate fundamentals within infill Southern California continue to be resilient due to diversified tenant demand and high barriers to new supply,” Sleece said in prepared remarks. “Our knowledge of the market and relationship with the company helped us create an attractive financing package that met Rexford’s needs.”
Officials at Capital One did not immediately respond to a request for comment.
Emily Fu can be reached at efu@commercialobserver.com.
