Kenmore, WA Property Refinanced With $5.32 Million Loan
KENMORE, WA,– Marcus & Millichap Capital Corporation (MMCC) has arranged a $5,320,000 refinancing loan for a 75-unit, 59,000-square foot multifamily property in Kenmore.
Glenn Gioseffi, a director in the firm’s Seattle office, arranged the loan.
“During the course of the transaction, interest rates began to move up quickly,” says Gioseffi. “MMCC introduced the transaction to an agency lender and a local bank at the same time.
“The bank’s ability to lock rate produced an interest rate almost 0.5 percent lower and we were able to get an extra $300,000 in loan proceeds,” adds Gioseffi.
The loan is for 10 years, amortized over 30 years with a fixed interest rate of 4.12 percent. The LTV is 65 percent.
“One week before the lock expired and we were set to fund, the lender informed us that they needed a phase two environmental inspection,” Gioseffi continues. “We sourced a soils group that could drill and analyze samples within the time frame and the loan funded on the lock expiration date.”
“We are seeing people move towards loans that can be locked at the start,” Gioseffi concludes. “The recent rate jump has made the local banks’ small rate premium an attractive exchange in return for a locked rate.”
Canoga Park, CA Apartments Gets $3.64 Million Loan
CANOGA PARK, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged a $3,648,000 loan on a 67-unit multifamily property in Canoga Park.
Sharone Sabar, a director in the firm’s Encino office, arranged the loan.
“Using the borrower’s financial strength and management experience, MMCC worked with the lender to obtain pro forma underwriting, which helped the borrower receive high loan to value,” says Sabar.
“The borrower wanted a GSE loan to purchase this property but the significant amount of tuck-under parking was problematic and ultimately prohibitive.
“The solution was to arrange a carryback with the seller in order to retrofit the building prior to placing long-term debt,” continues Sabar. “The retrofit took approximately 10 weeks to complete and we closed with a GSE immediately thereafter.”
The loan is for seven years, amortized over 30 years with a fixed interest rate of 5.49 percent. The LTV is 75 percent.
Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation,
(925) 953-1716
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