LOS ANGELES, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged $14,050,000 in interest-only, refinancing with substantial pay-off flexibility for a three-property multifamily portfolio in Southern California.
Dan Litman (top right photo), a vice president capital markets in the firm’s West Los Angeles office, arranged the loan.
“MMCC sourced a five-year fixed interest-only loan for our client,” says Litman. “Besides the interest-only feature, we negotiated two items in the loan that the lender had never offered before. The options were a non-LIBOR adjustable index after the fixed term, and a 10 percent per year principal pay down without penalty,” he adds.
The interest rate on the loan is 4.225 percent and the LTV is 65 percent.
The properties were built in 1962 and have a total unit count of 92.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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