TUSTIN, Calif., Oct. 23, 2019 – IPA Capital Markets, a division of Marcus & Millichap Capital Corp. (MMCC), has arranged $28 million to refinance a multifamily asset in Tustin, California.
“The borrower reached out to us when their loan was about to roll to a much higher rate,” commented Michael Derk, IPA senior managing director capital markets. “We locked the new long-term fixed interest rate at application, which was during a critical time when Treasuries had dropped. Our relationship with the borrower’s lender enabled us to negotiate a 50% pre-payment penalty cut that saved our client six figures in fees.” The 10-year interest-only financing is fixed at 3.49 % and has a loan-to-value of 56 percent. The debt placement was arranged by Derk and Nick Gray, MMCC vice president capital markets.
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