Thursday, July 12, 2012

Marcus & Millichap Capital Corp. Arranges $5.25 Million Multifamily Loan in Torrance, CA

 TORRANCE, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged a $5.25 million loan for a 64-unit multifamily mid-rise building in the city of Torrance.

Michael Derk (lower right photo), a vice president capital markets in MMCC’s Long Beach office, arranged the loan.

“This was an off-market transaction in a low-volume trade area,” says Derk. “It’s a trend we are seeing more often in the market.”

Built in 1961, the apartment complex faced challenges, such as a historically high vacancy rate and significant deferred maintenance issues. Despite these challenges, Derk was able to provide the client the most competitive financing available in today’s market.

“We were able to achieve an above-market LTV ratio of 77 percent on a five-year fixed loan at the low interest rate of 3.5 percent,” says Derk. “We were also able to close the transaction in less than 60 days.”

Press Contact:

Stacey Corso
Marcus & Millichap Capital Corp.
(925) 953-1716

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