 |
| Michael Derk |
ANAHEIM, CA – Marcus & Millichap Capital Corporation
(MMCC) has arranged a $15.5 million first trust deed to facilitate the purchase
of an apartment community in Anaheim, Calif.
Michael
Derk, a vice president capital markets in MMCC’s Long Beach office,
arranged the loan.
“With
interest rates at a historic low, the borrower wanted to take advantage of
fixed debt to acquire a new property,” says Derk. “The deadline on the new
acquisition was unusually tight at 40 days, and to add to the challenge, the
underwriting and approval process ran through the holiday season when every day
is at a premium with most lenders.”
“MMCC
leveraged its relationship with the lender to close the transaction by the
required deadline,” adds Derk. “This resulted in the saving of more than $1
million in potential penalties and did so with better-than-market terms, in
spite of the newly acquired asset’s history of mismanagement.”
The
10-year loan amortizes over 30 years at a fixed rate of 3.5 percent. The LTV is 77 percent.
Press Contact:
Marcus & Millichap Capital Corporation
(925) 953-1716
No comments:
Post a Comment