Marcus & Millichap Capital Corp. Arranges $15.5 Million Time-Sensitive Multifamily Refinance in Anaheim, CA

Michael Derk

 ANAHEIM, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged a $15.5 million first trust deed to facilitate the purchase of an apartment community in Anaheim, Calif.

            Michael Derk, a vice president capital markets in MMCC’s Long Beach office, arranged the loan.

            “With interest rates at a historic low, the borrower wanted to take advantage of fixed debt to acquire a new property,” says Derk. “The deadline on the new acquisition was unusually tight at 40 days, and to add to the challenge, the underwriting and approval process ran through the holiday season when every day is at a premium with most lenders.”

            “MMCC leveraged its relationship with the lender to close the transaction by the required deadline,” adds Derk. “This resulted in the saving of more than $1 million in potential penalties and did so with better-than-market terms, in spite of the newly acquired asset’s history of mismanagement.”

            The 10-year loan amortizes over 30 years at a fixed rate of 3.5 percent.  The LTV is 77 percent.

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