Refi Accelerates
MetroGroup Realty Finance founder Pat Ward sums up the (near) future of real estate lending in OC in a word: refi. (If you're willing to summarize things that easily, Pat, could you tell us what Anna Karenina was about?) There’s an upcoming spike in 2015 commercial loan maturities, he explains, and borrowers are already looking to get ahead of the curve, since interest rates are still fairly low. It’s part of a national trend, he adds, with the MBA predicting a 72% increase from ’14 to ’15 in commercial and multifamily loan maturities by non-bank lenders.
Recently Newport Beach-based MetroGroup arranged more than $30M in financing for the acquisition and refi of three SoCal properties totaling more than 194k SF. One of the properties was a 29k SF MOB in at 25500 Rancho Niguel Rd in Laguna Niguel owned by the Buie Stoddard Group. The deal was a $10M refi of a loan taken out in 2004, Pat says.
