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| Anita Paryani Rice |
LOS ANGELES, CA – Marcus & Millichap Capital Corporation
(MMCC) has arranged two retail strip center refinancing loans totaling $17.9
million. One loan is for $10.4 million and the other is for $7.5 million.
Anita Paryani Rice, a vice president capital markets
in MMCC’s West Los Angeles office, arranged the loans with Jake Roberts,
a vice president capital markets, and Jerry Wise, a first vice president
investments, both in the same office.
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| Jake Roberts |
The loans were arranged to refinance two retail strip
centers; one in Santa Clarita, Calif. and the other in Simi Valley, Calif.
The Santa Clarita loan was structured with a five-year term
and will amortize over 30 years. The LTV is 65 percent.
The loan for the Simi Valley asset was structured with a
10-year term and will amortize over 25 years at an interest rate of Libor plus
2.75 percent. The LTV is 65 percent.
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| Jerry Wise |
“The 1966-built Santa Clarita property is anchored by a
grocery store that could not provide a sales history,” says Paryani Rice,
“along with another, smaller anchor that had declining sales. The property also
included some ‘elbow space’ with a history of being difficult to lease,” adds
Paryani Rice. “Despite these factors, MMCC was able to create a sense of
comfort for the lender, in terms of both the property and the market.”
“The Simi Valley asset is currently in transition,” Paryani
Rice continues, “as the borrower negotiates an expansion and lease extension
for a major tenant. Furthermore, the borrower requested that the loan’s terms
include release provisions and exclude a prepayment penalty. MMCC was able to
secure these terms in spite of the borrower’s non-optimal position, giving the
property’s family ownership the all-important flexibility to release buildings
or sell anytime,” Paryani Rice concludes.
Press Contact:
Marcus & Millichap Capital Corp.
(925) 953-1716
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