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MMCC Arranges Bridge Loan for Lompoc Multifamily Acquisition
Marcus & Millichap Capital Corporation (MMCC) arranged $3,412,500 for the acquisition of a 30-unit multifamily property located at 701-717 N. F St. in Lompoc. Ron Balys, SVP in MMCC’s Orange County office, secured the bridge financing with a western-based fund on behalf of a local investment management company.
“We were able to close this deal in just three business days,” said Balys. “The initial lender was unable to close the deal and we were tasked with securing financing to satisfy the buyer and seller 1031 exchanges.”
Terms of the one-year loan include an interest rate of 11.5% and a loan-to-value of 65%. The property consists of five detached buildings, each with six two-bedroom units.
- ◦Financing


