Los Angeles– Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged the $8,400,000 refinance of a 47,062-square-foot multifamily mid-rise property in Los Angeles.
Sharone Sabar, a vice president capital markets in MMCC’s Encino office, arranged the loan.
“The borrower’s loan was coming due and they wanted to execute an early rate-lock to take advantage of historically low interest rates,” says Sabar. “The borrower had a significant amount of equity in the property and preferred to use some of it to purchase additional real estate.”
“Lenders have huge appetites for well-located multifamily properties,” adds Sabar. “The lender we worked with granted our client’s request for the rate-lock in addition to aggressive terms such as nonrecourse, 75 percent loan-to-value, cash out and a very low interest rate of 3.3 percent.”
The property was built in 1969.