$63.7 Million Multifamily Refinancing Arranged by IPA Capital Markets
LOS ANGELES, May 17, 2018 – Institutional Property Advisors (IPA) Capital Markets, has arranged $63,764,000 to refinance a 268-unit multifamily property in Marina Del Rey, California.
“We structured this financing on behalf of a repeat client and closed in 33 days,” says Danny Abergel, senior director IPA Capital Markets. “We received a great deal of interest from major banks, insurance companies, and agencies that supported the borrower’s interests. We rate-locked at the beginning so our client didn’t have to worry about market volatility while we went through the loan process and at final approval we increased proceeds by more than $1 million.” A leading capital markets platform, IPA Capital Markets provides major commercial real estate investors with a full range of debt and equity placements and advisory solutions. This financing was arranged by Abergel. The debt placement was structured with 10 years interest-only fixed at 4.21 percent.