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
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| 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.”
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| 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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