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MMCC Arranges Bank Refi for Garden Grove Apartments
Marcus & Millichap Capital Corporation (MMCC) arranged $5,000,000 for the refinancing of Larson Apartments, located at 8101 Larson Ave. in Garden Grove. Ron Balys, SVP, capital markets, based out of MMCC’s Orange County office, secured the bank financing on behalf of a private client.
“In 2022, MMCC originated the acquisition financing with a line of credit for the client to construct four Accessory Dwelling Units (ADUs),” said Balys. “The client executed their business plan from the original purchase, and we were able to secure conventional financing with a local bank.”
Terms of the 30-year loan include 65% loan-to-value and a 6.30% interest rate with 30-years amortization. Constructed in 1980, the two-story, 21-unit property features a mix of studio to three-bedroom units and is located adjacent to routes 22 and 39, providing direct access to the Greater Los Angeles region.
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- ◦Financing
