VALLEY VILLAGE, CA, Aug. 15, 2013 – Marcus & Millichap
Capital Corporation (MMCC), a leading provider of commercial real estate
financing and capital markets expertise, has arranged a $10,800,000 refinance
for a 48-unit asset in Valley Village, Calif.
 |
| Dan Litman |
Dan
Litman, a vice president capital markets in the firm’s West Los Angeles
office, arranged the loan.
“The
borrower was seeking to refinance her existing property while pulling cash-out
to purchase two apartment buildings within a short period of time,” says
Litman. “The property was 100 percent vacant and had been for more than seven
months while the borrower made upgrades.
It was critical that the lender underwrite to pro forma to obtain the
leverage needed to accommodate our client.”
“The
borrower came to us because they knew we could efficiently structure the
transaction,” adds Litman. “It was crucial that we moved forward with a
reliable lender who could close on a vacant property and keep to the terms of
the application because loan proceeds were important.”
The five-year floating term loan carried a rate of 4.75
percent with a loan-to-value of 70 percent with no exit fee.
For a
complete copy of the company’s news release, please contact:
Gina Relva
Public Relations
Manager
Marcus & Millichap Capital Corp.
(925) 953-1716
