SAN DIEGO – Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged $6,000,000 million of debt for a 70-unit mid-rise asset in San Diego.
Jake Roberts and Anita Paryani Rice, both vice presidents capital markets in the firm’s West Los Angeles office, arranged the loan.
“The borrower wanted to improve his liquidity position,” says Roberts. “He had a previous situation which limited the number of lenders able to provide financing.”
“We were able to secure a very aggressive loan that allowed the borrower to pull out $1.3 million in additional proceeds,” adds Paryani Rice.
The 15-year loan amortizes over 30 years at 4.2 percent, fixed for five years, with a 65 percent loan-to-value.