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MMCC Secures Refi on JoAnn Fabrics in Glendale
Marcus & Millichap Capital Corporation (MMCC) arranged $11,200,000 to refinance a JoAnn Fabrics and Crafts store located at 1000 S. Central Ave. in Glendale. Terms of the 10-year loan include a 5.97% interest rate with 30-years amortization and a 50% loan-to-value.
Ron Balys, SVP, capital markets based in MMCC’s Orange County office, secured the financing with a local credit union on behalf of a private client.
“We were able to work with a lender who understood JoAnn’s financial situation, which was imperative to the closing of this refinance,” said Balys. “JoAnn’s filed for bankruptcy the day before funding and the lender held their commitment to fund the loan. The property is located in the heart of Glendale, which has proven to be one of the strongest real estate markets in the country.”
How are deals getting financed in today’s uncertain climate? On May 1, Connect Los Angeles 2024 brings together John Manning of MMCC, Gary Bechtel of Red Oak Capital Holdings, Felix Gutnikov of Thorofare and TR Hazelrigg, IV of Avatar Financial Group on the Financing with Debt Panel. Register now to hear from these industry experts.
- ◦Financing
