LOS ANGELES, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged a $6,050,000 refinancing loan with a CMBS lender for a shopping center in Los Angeles. The center includes 85 multifamily units that were not included in the loan.Rick Padilla (top right photo), a senior director in the firm’s Long Beach office, arranged the financing.
“The property is a low-income development with backing from HUD, City Council District 9 and nonprofit organizations,” says Padilla. “It was developed to provide a portion of South Central Los Angeles with affordable housing, a grocery store and other retail. The 85 multifamily units located above the shopping center were not included in our collateral and can be sold separately in the future,” adds Padilla.
“The property presented some challenges,” continues Padilla. “The largest tenant is not currently regarded as investment grade and some of the stores were not open for business at the time of the closing. Most CMBS lenders require an investment-grade grocery store anchor and are looking for more straightforward transactions,” adds Padilla.
“MMCC sourced a CMBS lender and arranged 10-year fixed debt with a 30-year amortization that other lending sources could not offer,” Padilla says. “The loan covered the borrower’s preexisting past-due construction loan.”
Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation
(925) 953-1716
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