Saturday, August 21, 2010
SAN DIEGO, CA – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Joshua A. Volen (top right photo) to the position of vice president investments.
The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents. It represents excellence in client relationships, investment real estate expertise and sales volume, according to John J. Kerin, (bottom left photo) president and chief executive officer.
Volen began his career with Marcus & Millichap in 2004, specializing in office and industrial property investment sales.
Contact: Stacey Corso , Public Relations Manager, (925) 953-1716
RIVERSIDE, CA, Aug. 20, 2010 – Marcus & Millichap Capital Corporation (MMCC) has arranged $7,125,000 in refinancing for Tuscan Townhomes (top left photo), a 63-unit apartment complex in Riverside.
Michael Derk, (middle right photo) vice president of capital markets in the Long Beach office of MMCC, arranged the loan.
“This deal was a challenge because we had to secure a sizable loan in a tertiary market with several hurdles. First, our client wanted full leverage of 75 percent in a challenged market.
“These types of challenges are usually overcome by the strength of our borrower’s management experience,” continues Derk. “While our borrower was financially very strong, he did not have the level of multifamily experience typically required for this type of transaction. The fact that he was an absentee owner added to the challenge.”
"We also leveraged off of MMCC’s strong correspondent relationships. After identifying the correct source we were able to structure the debt and secure a below-market interest rate on a non-recourse basis, a critical component to the borrower.”
Terms of the refinancing include a 4.7 percent interest rate fixed for a term of seven years and an LTV of 75 percent. The loan amortizes over 30 years.
Two CVS Stores in Pennsylvania and New Jersey Receive Loans Totaling $9.8M
CVS Philadelphia, Pa., $6,400,000
CVS Swedesboro, N.J., $3,448,000
James Conley, a director in the firm’s Philadelphia office, arranged the loans.
“MMCC was able to provide nonrecourse permanent mortgages for both properties,” says Conley.
The CVS Philadelphia loan has a 6.2 percent interest rate, fixed for five years with a 30-year amortization.
The CVS Swedesboro loan is fixed for 20 years at 6.25 percent with a 20-year amortization.
Both loans were financed at 70 percent loan to value.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716