Family Trust Secures $1.4M Refinancing

SAN DIEGO, CA-A family trust has secured a $1.4-million, fixed-rate loan, which it is using to refinance the Caliber Collision Building in Downtown San Diego.

The borrower, Beardsley Family Trust, wanted to “replace its variable-rate debt with fixed-rate debt,” says Gary Goss of the capital markets division of Burnham Real Estate Services, who arranged the loan. Goss tells Globest.com that the new financing is a 7%, 15-year, fixed-rate loan. Lender Pacific Business Bank provided the funds.

The newly refinanced property, which stands at 2101-2175 Kettner Blvd., is occupied by Caliber Collision. The collision repair company has been operating a shop in the facility for the past 10 years, ever since it bought out the previous auto repair business from the family trust.

Established in 1991, Caliber has more than 50 collision repair centers in California and Texas. Its headquarters are located on Cowan Avenue in Irvine.