Friday, September 30, 2011

$6.6 Million Loan Arranged by Mark One Capital in Hollister, CA

HOLLISTER, CA – Mark One Capital, a subsidiary of Marcus & Millichap Capital Corporation (MMCC), has arranged $6,600,000 in refinancing for a 235-pad manufactured housing property in Hollister.

David Campbell, a commercial loan associate in the firm’s Palo Alto office, arranged the loan.

“The transaction was a cash-out refinance to facilitate the purchase of another property,” says Campbell. “The complicated ownership structure, lack of documentation and ongoing required improvements at the property required multiple waivers.”

“Mark One Capital’s long-term relationship with the lender helped us work through the hurdles in a timely manner,” adds Campbell. “Our clients were pleased to obtain an interest rate that is approximately 1 percent lower than rates offered by other lenders at the time.”

The 10-year loan is amortized over 25 years with a fixed interest rate of 4.55 percent.

“Owners with equity to utilize continue to take advantage of buying opportunities,” Campbell concludes.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

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