Marcus &
Ron Balys, senior vice president in MMCC’s Orange County office, secured the bridge financing for the F Street property with a western-based fund on behalf of a local investment management company.
“We were able to close this deal in just three business days,” said Balys. “The initial lender was unable to close the deal and we were tasked with securing financing to satisfy the buyer and seller 1031 exchanges.”
Terms of the one-year loan include an interest rate of 11.5% and a loan-to-value of 65%.
Located 44 miles northwest of Santa Barbara lies Greater Lompoc, a laid-back community teeming with history and diversity. Area residents enjoy access to Pacific Coast beaches, about 20 miles westward, for peaceful getaways in addition to an array of historic and modern amenities strewn throughout the area. Rental options in Greater Lompoc include a wide variety of apartments and single-family houses tucked away on peaceful, residential streets. This slower-paced community draws people who want the luxury of living in Santa Barbara County at affordable prices as well as service members stationed at Vandenberg Air Force Base and their families.
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 2023, MMCC closed 1,076 transactions totaling $6.73 billion.
