FRESNO, CA, Dec. 21, 2009 – Marcus & Millichap Capital Corporation (MMCC) has arranged an $8.8 million loan to refinance the Sunrise Medical facility, a single-tenant office and industrial property in Fresno.
Jerry Wise, a vice president capital markets and senior director in the firm’s West Los Angeles office, arranged the financing for the property.
“This was a challenging transaction due to the single-tenant-use nature of the property and the tenancy by a non-credit private company,” says Wise. “The existing CMBS loan was maturing shortly. The lender did an excellent job of understanding the operating performance of the asset and the family trust that owned the property,” adds Wise.
The 10-year loan is fixed for five years at 7 percent, with a 25-year amortization, and a loan-to-value of 65 percent.
Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation, (925) 953-1716
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