VALLEY VILLAGE, CA – Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged a $10,800,000 refinance for a 48-unit asset in Valley Village, Calif.
Dan Litman, a vice president capital markets in the firm’s West Los Angeles office, arranged the loan.
“The borrower was seeking to refinance her existing property while pulling cash-out to purchase two apartment buildings within a short period of time,” says Litman. “The property was 100 percent vacant and had been for more than seven months while the borrower made upgrades.It was critical that the lender underwrite to pro forma to obtain the leverage needed to accommodate our client.”
“The borrower came to us because they knew we could efficiently structure the transaction,” adds Litman. “It was crucial that we moved forward with a reliable lender who could close on a vacant property and keep to the terms of the application because loan proceeds were important.”
The five-year floating term loan carried a rate of 4.75 percent with a loan-to-value of 70 percent with no exit fee.