Marcus & Millichap Capital Corp. Arranges $6.5 Million Office Refinance in Northern California

Jeffrey Shaddy

 BERKELEY, CA– Marcus & Millichap Capital Corporation (MMCC) has arranged $6.5 million in debt as a refinance on a 47,000-square foot Class B office property in Berkeley’s central business district.

            Jeffery Shaddy, a director in MMCC’s Sacramento office, arranged the loan.

            “There were several challenges facing this transaction,” says Shaddy. “Despite the short-term, predominately single-tenant lease, the request was for longer-term, low-rate financing without tenant improvement and leasing commission or lease-up reserves and a 30-year amortization schedule, instead of the more conservative standard of 25 years for commercial properties.

“And, due to proximity to a seismic fault zone, the request was for non-recourse financing without an earthquake insurance requirement,” adds Shaddy.

            “We were able to resolve environmental, seismic, term structuring, estoppel and swap issues and meet the client’s expectations,” concludes Shaddy. “We delivered at the rates and terms promised and closed precisely on time.”

            The 10-year loan amortizes over 30 years at 4.5 percent. The LTV is 65 percent. The property was built in 1969.

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

Ben Johnson,

Marketing Director

(925) 953-1736