Sunday, June 2, 2013

Dan Litman of Marcus & Millichap Capital Corp. Arranges Two Refinances Totaling $12.8 Million in California



Downtown Los Angeles at Night

LOS ANGELES, CA– Marcus & Millichap Capital Corporation (MMCC) has arranged debt on two properties for two different clients totaling $12,835,000, according to William E. Hughes, senior vice president and managing director of MMC

Dan Litman
One is a bridge loan refinance to accommodate the entitlement of two vacant city blocks and four adjacent parcels in downtown Los Angeles for a substantial development. The other is the refinance of 14 units of a 15-unit condominium community in Studio City, Calif.

Dan Litman, vice president capital markets in MMCC’s West Los Angeles office, arranged both loans.

“Dan demonstrated both initiative and deep market knowledge in closing these loans,” comments Hughes. “His ability to complete these two vastly different transactions is a testament to his skills as an originator and to the power of the Marcus & Millichap platform.”

William E. Hughes
“The challenge for the bridge loan on the land in Los Angeles and the downtown Los Angeles properties was finding a lender willing to cross collateralize the vacant two city blocks with some of the borrower’s income-producing properties, two of which had suffered substantial fire damage in 2007,” says Litman.

 “We were able to demonstrate the value of the fire-damaged parcels to the lender through the borrower’s plans to redevelop the entire site, which encompasses most of a full city block in downtown Los Angeles.”

The five-year loan provides for one-year interest only and amortizes over 25 years at 5.75 percent interest, with an LTV of 55 percent.

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

Ben Johnson
Marketing Director
(925) 953-1736

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