Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged an $11 million refinancing for a multifamily apartment building at 16550 Vanowen Street, in the Lake Balboa area of Los Angeles. The financing was exclusively arranged by MMCC’s Ron Balys, first vice president.
The 7-year fixed loan has an LTV of 65 percent and an interest rate of 3.30 percent with 36 months of interest-only payments and an amortization of 30 years.
“Due to the area’s strong multifamily market right now, we were able to secure a competitive refinancing process,” said Balys. “The property is a stable, strategically located apartment that represents a growing market moving forward.”
Built in 1988, the four-story property is 41,099 square feet and includes 52 units. It is adjacent to golf courses, large open green spaces, schools, grocery stores and major thoroughfares such as Interstate 405.
About Marcus & Millichap Capital Corporation
Marcus & Millichap Capital Corporation (MMCC) is a subsidiary of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada. MMCC provides commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, sponsor equity, loan sales, and consultative and due diligence services. In 2020, MMCC closed 1,943 transactions totaling $7.67 billion.
To learn more, please visit: www.marcusmillichap.com/financing
Marcus & Millichap arranges $11M in refinancing for 16550 Vanowen street in LA
Construct America Magazine | The Home of Construction Industry News
