Marcus & Millichap Capital Corp. Arranges $3.4M Portfolio of Loans in Southern California

LONG BEACH, CA– Michael Derk (top right photo)  of Marcus & Millichap Capital Corporation (MMCC) has arranged acquisition financing totaling $3,480,000 for three multifamily properties in Southern California.

Derk is a senior director/vice president capital markets in the Long Beach office of Marcus & Millichap Capital Corp.

“Timeliness was crucial on these deals due to the fact that there were many competitive buyers at the table and we needed to keep our clients in the transaction.

"We had to operate quickly on one transaction because the seller faced an estate tax consequence if the transaction did not close by the year’s end. These deals demanded a high level of communication, organization and precise execution,” said Derk.

“Our strong lender relationship set the foundation in meeting crucial time frames required by the transaction,” he adds.

The loans are:

· $1,397,500, 63 percent LTV at 6.35 percent fixed with a 30-year amortization

· $1,267,500, 63 percent LTV at 6.35 percent fixed with a 30-year amortization

· $815,000, 58 percent LTV at 6.35 percent fixed with a 30-year amortization

All three properties are mid-rise apartment buildings and all had a significant amount of tuck under parking. Two are located in Lomita and one is in Torrance.

Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation, (925) 953-1716