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4/13/15
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Marcus & Millichap Capital Corp (MMCC) has arranged $8.5 mil in financing for a 19.2k sf, three-tenant retail property in Eagle Rock. The refinancing was structured with a 10-year term amortized over 25 years with a fixed interest rate of 3.89 percent. The loan-to-value is 65 percent.
Sharone Sabar, first vice president capital markets in MMCC’s Encino office, arranged the debt placement.
“The borrower, a longtime client, was focused on low-cost financing that would maximize proceeds over a long term, despite the property’s short-term leases,” says Sabar. “We met our client’s financial goals by securing high-leverage, nonrecourse debt at a sub-4-percent interest rate.”
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