MMCC Arranges Financing on Four LA-Area Apartment Properties
Marcus & Millichap Capital Corporation (MMCC) arranged a $16.4-million financing loan for four multifamily properties in the greater Los Angeles area. SVP Ronald Balys with MMCC’s Orange County office secured the financing.
Properties include a 40-unit apartment project located at 6311-6313 Monterey Rd., Montecito Heights; a 29-unit building at 13805-13809 Sherman Way in Los Angeles; a 27-unit building located at 8950 Memory Park Ave. in the North Hills; and a 22-unit, two story building located in Hollywood Hills.
“It was imperative to understand the maturity and terms of the existing debt on each of the properties in order to provide a time-sensitive solution for our client,” said Balys. “We utilized our strong lender relationships and structural expertise provided by additional MMCC team members to secure this very favorable financing.”
Loan terms include a 30-year term, a 30-year amortization, 50% LTV and a 5.42% interest rate.