Thursday, September 30, 2010
SAN PEDRO, Calif., Sept. 29, 2010 – Marcus & Millichap Capital Corporation (MMCC) has arranged a $19.5 million refinancing loan for Pacific Place, a Class A office building in San Pedro, Calif.
Michael Derk (top right photo), a senior director/vice president capital markets in the firm’s Long Beach office; Jake Roberts (lower left photo), a senior director/vice president capital markets; and Anita Paryani, a senior director, both in the firm’s West Los Angeles office, arranged the loan.
“The largest tenant in the building had a short term remaining on its lease and then halfway through the transaction the tenant gave notice,” says Derk.
“While very well connected, none of the borrower’s lender relationships were able to close on a loan with the largest tenant vacating, but MMCC was able to structure around the risk, packaging the deal in such a way that lenders were able to get comfortable with the transition and move past the vacancy concerns.”
“We are seeing increasing numbers of transactions with leasing events and property issues that many lenders don’t want to accommodate,” adds Roberts. “MMCC’s strong lender relationships aid us in guiding lenders through the issues and we provide problem-solving mitigates that allow us to close complex financing transactions.”
“We are quite capable of financing ‘down the fairway’ deals at the best and most aggressive terms possible and MMCC adds tremendous value in financing more structured loans in the current lending environment, as can be seen through the funding of this loan,” notes Paryani.
The loan is for three years, interest only, with a loan-to-value of 60 percent and a 5 percent adjustable interest rate.
Contact: Stacey Corso
Public Relations Manager