SAN JOSE, CA– Marcus & Millichap Capital Corporation (MMCC) has arranged a $3.1 million refinancing loan for a 40-unit apartment building in San Jose.
Rick Padilla, a senior director in the firm’s Long Beach office arranged the loan for the property.
“The borrower came to MMCC after trying to obtain a loan directly from a lender,” says Padilla. “The building had more than 40 percent of its perimeter as tuck-under parking, the property was 2.2 miles from the Hayward fault line and the borrower had 45 days to refinance.
“We were able to obtain a waiver for no earthquake insurance and remove the tuck-under issue completely,” continues Padilla.
“The rate we arranged was significantly better than what had been quoted to the borrower from other sources and we were able to structure cash-out proceeds. Also, we met the 45-day closing period and the borrower was able to waive the 1 percent prepayment penalty from the note holder.”
The loan has a loan-to-value of 59 percent and a 5.78 percent interest rate, fixed for 10 years with a 30-year amortization.
Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation, (925) 953-1716
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