Marcus & Millichap Capital Corp. (MMCC) announced that it has arranged $12.1 million for the refinancing of Laurel Canyon Apartments, a 46-unit multifamily property in Valley Village, California.
Built in 2022, the property features a mix of one- and two-bedroom units and is located adjacent to CA-170 and US-101, providing direct access to the greater Los Angeles Metropolitan area.
Terms of the five-year loan include one-year interest only followed by 30-years amortization with an LTV of 54%.
Bradley Buzil, first vice president, capital markets based out of MMCC’s Los Angeles office, secured the financing on behalf of a private investor.
“MMCC was able to secure permanent debt for the client, who was only 50% +/- leased upon going under application,” said Buzil. “With a maturing bridge loan, we swiftly transitioned the borrower to a fixed rate loan, significantly lowering their cost of capital, and were able to bypass any seasoning requirements needed by most lenders.”
MMCC is a subsidiary of Marcus & Millichap (NYSE: MMI), a commercial real estate investment services firm with offices throughout the United States and Canada.
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