EL CAJON, CA, May 11, 2012 – Marcus & Millichap Capital Corporation (MMCC) has arranged $15.4 million in interim financing for a 245,000-square foot business park in El Cajon.
Jake Roberts (top right photo), a first vice president capital markets, and Anita Paryani (lower left photo), a vice president capital markets arranged the financing.
“Prior to MMCC’s success in financing this transaction, two previous lenders struggled with the loan due to the property’s historical environmental issues and concerns over its current occupancy,” says Paryani. “We demonstrated that the environmental issues have been resolved and that recent leasing activity was positively impacting occupancy.”
“MMCC sourced a long-term relationship lender for the borrower, a large opportunity fund,” adds Roberts. “The lender closed on the loan per the terms of the original application and we negotiated an extremely low interest rate- Libor plus 2.25 percent with no floor.”
The loan is for four years, amortized over 30 years. The LTV is 65 percent.
Press Contact: Stacey Corso , Marcus & Millichap Capital Corp.
(925) 953-1716
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