EL SEGUNDO, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged a $7 million fixed-rate loan for the acquisition of a 12,549-square foot Class A shopping center, (top right photo) located at 2251-2263 Maple Ave. and 821-837 Douglas St., in El Segundo.Jake Roberts and Anita Paryani, both senior directors in the firm’s West Los Angeles office, and Sharone Sabar, an associate director in the firm’s Encino office, arranged the financing package for the Class A retail property.
“The borrower came to MMCC seeking financing for the acquisition of a newly constructed retail center,” says Roberts.
“The property was fully occupied by such tenants as Starbucks, Noah’s Bagels, Subway and Scottrade. The purchase price was $607 per square foot, and the borrower was seeking a long-term, fixed-rate loan.
"MMCC was able to arrange fixed financing at 4.74 percent,” states Roberts.
“We were able to negotiate a favorable rate during a time when the economic outlook on retail properties is less than favorable.”
Financing for this transaction was provided by a commercial bank at the rate of 4.74 percent. Terms of the loan are for seven years with a 30-year amortization schedule. Loan-to-value was 65 percent.
“What sets this transaction apart is that MMCC was able negotiate a 100 percent recourse loan for the borrower,” adds Roberts.Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704
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