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Jake Roberts and Anita Paryani, senior directors in the firm’s West Los Angeles office, arranged the financing package for the Brookstone Apartments (top photo).
“The borrower purchased the property as a value-added opportunity with more than $12,000 per unit in capital reserves for repairs and upgrades,” states Roberts. “We convinced the lender that the borrower would be able to achieve post-rehab rents based on the surrounding market and improvements planned for the property.” As a result, MMCC was able to provide the borrower with the terms they required in the midst of this challenging lending environment.
Financing for the property was provided by a commercial lender at a 5.85 percent fixed interest rate for the first two years, then LIBOR plus 300 basis points for the remainder of the term. The terms of the loan are three years interest only with a loan-to-value transaction of 67 percent.
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Press Contact:
Kathy Molitor
Marcus & Millichap Capital Corporation
(925) 953-1704
Marcus & Millichap Capital Corporation
(925) 953-1704
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