NEWPORT BEACH, Calif., Sept. 26, 2019 – IPA Capital Markets, a division of Marcus & Millichap Capital Corp., announced today that Michael Derk, IPA senior managing director capital markets and Nick Gray, MMCC vice president capital markets, arranged $42,080,000 to refinance three apartment assets in Southern California.
“We received higher than market leverage on a full-term, interest-only basis,” commented Derk. “Based on our relationship with the lender, we were able to waive all reserves for the borrower, and the whole portfolio was nonrecourse.” The financing includes 10 years of interest only at 3.42%. The properties are in Westminster, Hawthorne and Panorama City, California. The unit total is 238.
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