LOS ANGELES, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged $26,450,000 in financing for three suburban mid-rise office buildings located in Maryland, New Jersey and Southern California. Jake Roberts and Anita Paryani (top right photo), both vice presidents capital markets in MMCC’s West Los Angeles office, arranged the financing.
“This debt financing presented some challenges from the beginning,” says Roberts. “The buildings are not located in prime markets, their vacancy was higher than average and some of the tenants had gone dark, which meant that we had to underwrite as a true bridge loan even though the upside was a bit more difficult to define in the short term,” adds Roberts.
“Our client, a private REIT, came to MMCC after some of the REIT’s relationship lenders could not provide financing that would allow them to accomplish their goals,” says Paryani. “After a significant amount of detailed analysis and structuring, MMCC was able to secure a few lenders that understood the situation. We closed on time under a strict deadline,” Paryani adds.
“MMCC exceeded everyone’s expectations by obtaining the funds our client needed plus future proceeds for tenant improvements and leasing commissions,” concludes Roberts.
The loan is for three years, interest only, with two one-year options to extend. The loan to value is 75 percent.
Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation
(925) 953-1716
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