Bank of the West building image via downtownfresno.org
Written by Gabriel Dillard
A San Diego-based private lender has provided a $2.17 million refinance loan on an office building in Downtown Fresno.
Wilshire Quinn Income Fund announced the loan last week on the six-story, 45,786 square-foot building that has Bank of the West as the anchor tenant.
Bank of the West is located downtown at Van Ness Avenue and Tulare Street, at 2035 Fresno St., according to the branch website.
The property was appraised this month for $3.76 million, according to a news release form Wilshire Quinn Income Fund.
“As we enter a new year, we continue to focus on holding loans in our portfolio secured by cash flowing properties with substantial equity. Our borrowers understand that speed is our strongest asset, as this particular loan was funded in six business days after the request for capital was made,” CEO Christopher M. Garcia said.
Wilshire Quinn typically funds loans in 5 to 7 business days and originates bridge loans ranging from $200,000-$10 million. Wilshire Quinn works directly with real estate owners and mortgage professionals nationwide, according to the release.
The building was built in 1967 for anchor tenant Bank of the West, according to a listing on the Downtown Fresno Partnership website.