Thursday, October 25, 2012

Marcus & Millichap Capital Corp. Arranges $26 Million Southern California Office Loan



Anita Paryani-Rice
 LOS ANGELES, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged $26 million in refinancing for a 40,000-square foot office property located in Beverly Hills, Calif.

            Jake Roberts and Anita Paryani-Rice, vice presidents capital markets in MMCC’s West Los Angeles office, arranged the loan.

            The loan was structured with a nine-year term, an interest rate of Libor plus 1.75 percent, 70 percent LTV and interest only during the rehab portion of the loan.


Jake Roberts
The client recently acquired the property and was seeking debt capital in order to proceed with planned renovations and improvements before taking up occupancy.

 “Our client requested a loan to cover 70 percent of costs, including the land purchase, which was aggressive given the high cost per square foot associated with the asset,” says Paryani-Rice.

 “Although the buyer was a company with a strong balance sheet, it is a private entity, which created a challenge with lenders that are more cautious on single-tenant assets without an agency-rated investment-grade tenant.”

For a complete copy of the company’s news release, please contact:

 Stacey Corso
Marcus & Millichap Capital Corporation
(925) 953-1716


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