LOS ANGELES, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged a $4,335,000 loan to refinance a 51-unit mid-rise multifamily property in Los Angeles.
Sharone Sabar (top right photo), a director in the firm’s Encino office, arranged the loan.
“Prior to engaging MMCC, the borrower had unsuccessfully sought a 75 percent LTV cash-out loan with five years of IO from many lenders,” says Sabar. “His previous loan was maturing and he needed to close within 35 days.”
“MMCC made arrangements with a commercial bank to provide a loan with the desired terms within the required time frame,” adds Sabar. “We have worked with this lender in the past, which helped make the bank comfortable in treating this transaction as a priority.”
The 4.63 percent adjustable interest rate loan is for 30 years, amortized over 30 years with a 75 percent LTV.
Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation
(925) 953-1716
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