BUENA PARK, Calif., Feb. 8, 2018 – Institutional Property Advisors (IPA) Capital Markets has arranged $24 million to refinance a 181,779-square-foot multifamily property in Buena Park, California. IPA Capital Markets provides major commercial real estate investors with a full range of debt and equity placements and advisory solutions.
“We worked with the existing lender and a new capital source to secure special funding and recording on the only available payoff date for the previous loan,” says Michael Derk, senior managing director. “Faced with a rising interest rate environment, we put our lender relationships to work to secure the best financing available.”
Derk and Nick Gray, associate director, arranged the financing. The debt placement was locked at below market-rate interest and structured with five years interest-only followed by 30-year amortization. The five years are fixed at 3.67 percent.