Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $5,925,000 for the refinancing of Madison Park, a 36-unit multifamily property in Torrance, California.
Michael Derk, executive managing director in MMCC’s Nashville office, secured the financing with a national bank on behalf of a private client.
“This was an exceptional deal because we proactively took advantage of a dip in the treasury market,” said Derk. “By having a complete application package ready, we capitalized on the lower rates, which ultimately secured the favorable interest rate.”
Terms of the 10-year loan include a 5.18% interest rate with 25-years amortization and a loan-to-value of 50%.
Madison Park was built in 1969. The gated property features a mix of one- and two-bedroom units and offers on-site amenities such as laundry facilities, a pool and a courtyard. Rents average $2,150 per month.
Marcus & Millichap Capital Corporation (MMCC) leverages unparalleled expertise, deep relationships with capital sources, and an unwavering commitment to your success to help you confidently navigate the complexity of the capital markets.
Marcus & Millichap is a complete brokerage offering investment sales, financing, research and advisory services. Our comprehensive suite gives our clients the information and guidance they need to build a solid investment strategy, which helps our firm close a transaction every 15 minutes of every single business day.
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.
