Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services arranged $3.5 million for the refinancing of Dearborn Villa, a 29-unit multifamily property in Northridge, California.
Dan Litman, senior managing director in MMCC’s Los Angeles office secured the financing on behalf of a private client. Terms of the 7-year, non-recourse agency loan include 4 years of interest-only at a rate of 5.84% followed by 30-years amortization, with a loan-to-value of 55% and an attractive step down prepay penalty.
Dearborn Villa is a two-story property featuring a mix of studio and one-bedroom one-bath apartments up to 750 square feet. The property is located near CSU Northridge. Dearborn Villa is within walking distance of several shopping centers and restaurants. On-site laundry facilities, assigned parking spaces, parking garage with assigned space in the garage for tenants occupying 1 bedroom units, tenant storage space, controlled access and a gated community.
Each unit offers air conditioning and central heating, walk in closets, hardwood floors and balconies. Wheelchair accessible (rooms) are also available. Dearborn Villa is a smoke free community. The 2 story property was built in 1998.
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.
