Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, arranged $7,540,000 in financing for the acquisition of a 34-unit multifamily property located in Torrance, California.
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Michael Derk, executive managing director in MMCC’s Nashville office, secured the financing with a national bank on behalf of a private client.
Terms of the 30-year loan for the 34-unit multifamily include a fixed interest rate of 5.625% followed by 30-years amortization with a loan-to-value of 65%.
“Our client had a long list of lender relationships given his investment activity over the years, and our team was able to deliver more competitive terms including an extension on terms of the rate lock that was kept locked through the entire process,” said Derk. “We were able to meet the client’s needs and close this deal in 120 days while keeping the same rate.”
In 1971, Marcus & Millichap was founded on a unique set of principles to maximize value for real estate investors and, in the process, revolutionized the brokerage industry.
The Los Angeles office of Marcus & Millichap provides real estate investment clients with the opportunity to buy and sell all types of commercial property, including apartments, retail, office, single-tenant net-lease, industrial, healthcare, self-storage, seniors housing, hospitality, land, manufactured homes and special assets. The Los Angeles agents represent commercial real estate investors throughout the Los Angeles MSA, California and surrounding states. Investment professionals also leverage Marcus & Millichap’s industry-leading research to offer investment real estate advisory services on individual properties and portfolios. Commercial real estate financing services are offered by a loan originator with Marcus & Millichap Capital Corporation (MMCC).
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
