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| 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.
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| 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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