COSTA MESA, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged a $4,150,000 refinancing loan for a multifamily property in Costa Mesa. Michael Derk (top right photo), a senior director/vice president capital markets in the firm’s Long Beach office, arranged the loan on the property.
“This was an off-market transaction so we had to work very quickly, especially with a client who was in an exchange,” says Derk.
“We had to close the purchase money loan in two weeks using a private financing source. Immediately thereafter, we refinanced the property for the borrower, procured maximum cash-out proceeds and secured a below-market interest rate of 3.80 percent,” continues Derk.
“The borrower was extremely pleased with both closings we did for him and will look to us for future transactions.”
The loan is for 30 years, amortized over 30 years with an adjustable interest rate. The LTV is 60 percent.
Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation
(925) 953-1716
No comments:
Post a Comment