Thursday, October 29, 2009

Marcus & Millichap Capital Corp. Arranges $11M Loan in Riverside, CA

RIVERSIDE, CA– Marcus & Millichap Capital Corporation (MMCC) has arranged an $11 million loan for the refinancing of a 192-unit apartment building in Riverside.

Michael Derk,  (top right photo) vice president capital markets in the firm’s Long Beach office, arranged the financing for the building.

“We were able to execute the closing of the loan with a $4 million cash-out, which is nearly impossible in a declining market, and was subject to the lender’s review,” says Derk.

 “The property had just undergone a significant rehab that negatively impacted the historical occupancy; therefore, we had to emphasize the strength of the borrower’s résumé and financial stability.”

The loan is a 10-year fixed rate loan with a 30-year amortization, a loan-to-value of 62 percent and a 5.99 percent interest rate.

Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation, (925) 953-1716

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