—Marcus & Millichap Capital Corp. has arranged a $5.5 million refinance for a 68-unit multifamily mid-rise property in Los Angeles.
Richard Judge, a vice president capitalin MMCC’s Newport Beach office, arranged the loan.
“This transaction was a refinance of a private note held by the previous owner of the property,” Judge said in a statement. “The borrowers are long-term clients of the firm and they were focused on specific terms that met the needs of their syndication structure. The terms we were able to secure significantly improved the client's leverage position and property cash flow on this ‘C’ quality asset,” adds Judge.
The 15-year loan offers interest-only payments for five years at 3.73 percent and was financed up to a 75 percent LTV.