Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has secured $16,850,000 for the refinancing of Le Noble Apartment Homes, a luxury 46-unit multifamily property located at 5768 West 3rd Street in Los Angeles, California.
Dan Litman, senior managing director in MMCC’s Los Angeles office secured the financing with a national bank on behalf of a local commercial brokerage firm that specializes in sales, leasing and management of multifamily and commercial properties located in Los Angeles County.
“The property recently completed lease-up. In addition to the residential revenue, the property also generates income from a cell phone tower,” said Litman. “We successfully found a lender who considered this income for underwriting, allowing us to pay off the previous construction loan and provide the sponsor with some liquidity. Additionally, we maintained flexibility in the loan terms to take advantage of potential lower rates in the future.”
Le Noble is located in the La Brea neighborhood of Los Angeles, near the Los Angeles County Museum of Art and Pan Pacific Park. The property is pet-friendly and wheelchair accessible, with on-site amenities including in-unit laundry, elevators, balconies, a dog park, a courtyard, and a fitness center that is currently being constructed.
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.
