 |
|
| Search RENTV |
 |
|
|
|
| Video Programs |
|
| News |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| R. E. Marketplace |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Executive Subscribers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6/29/12
|
Dan Litman, a vice president capital markets in Marcus & Millichap Capital Corporation (MMCC)’s West Los Angeles office, arranged financing of $7.4 mil on a 21-unit garden apartment building in the southeastern San Fernando Valley community of Toluca Lake district.
The loan was structured with a 10-year term and a 30-year amortization schedule, with an interest rate of 3.83 percent fixed for five years. The LTV is 75 percent.
The property was originally developed as high-end condos in 2007 by the borrower, who kept it as a rental after the market deteriorated. “The owner is achieving rents that are above the market due to the high quality of the project,” says Litman. “Prior to working with MMCC, the owner failed to find a bank that was willing to work within the parameters of his existing construction loan. The lender we sourced had enough confidence in the financial wherewithal of the project and the borrower to underwrite an apartment loan of $352,380 per unit,” he continues.
|
|
 Return to the Archive page
|
|
|
|
|
|
Printer-friendly Version
Email an Associate
