Wednesday, May 25, 2011

Marcus & Millichap Capital Corp. Arranges $9.3 Million Multifamily Refinancing Loan

ANAHEIM, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged $9,370,000 in refinancing for an 84-unit multifamily property in Anaheim.

Rick Padilla (top right photo), a senior director in the firm’s Long Beach office, arranged the financing.

“Before coming to MMCC, the borrower was turned down for refinancing by half-a-dozen lenders, including his existing lender,” says Padilla. “He was told that his property’s rents were above market, that the property was not of agency quality and that his net worth, liquidity and experience were insufficient to qualify for an agency refinancing loan.”

“MMCC’s longstanding relationships with agency lenders, and our ability to draw upon market data produced by Marcus & Millichap’s local investment sales agents and research department, helped overcome these hurdles and meet our client’s objectives,” concludes Padilla.

The loan is for 10 years, amortized over 30 years with a fixed interest rate of 5.75 percent. The LTV is 75 percent.

 Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation
(925) 953-1716

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