MARCUS & MILLICHAP CAPITAL CORP. ARRANGES
$3.4 MILLION PORTFOLIO OF LOANS

LONG BEACH, Calif., Feb. 23, 2010 – Michael Derk of Marcus & Millichap Capital Corporation (MMCC) has arranged acquisition financing totaling $3,480,000 for three multifamily properties in Southern California.

Derk is a senior director/vice president capital markets in the Long Beach office of Marcus & Millichap Capital Corp.

“Timeliness was crucial on these deals due to the fact that there were many competitive buyers at the table and we needed to keep our clients in the transaction. We had to operate quickly on one transaction because the seller faced an estate tax consequence if the transaction did not close by the year’s end. These deals demanded a high level of communication, organization and precise execution,” said Derk.   

“Our strong lender relationship set the foundation in meeting crucial time frames required by the transaction,” he adds.
The loans are:

• $1,397,500, 63 percent LTV at 6.35 percent fixed with a 30-year amortization
• $1,267,500, 63 percent LTV at 6.35 percent fixed with a 30-year amortization
• $815,000, 58 percent LTV at 6.35 percent fixed with a 30-year amortization

All three properties are mid-rise apartment buildings and all had a significant amount of tuck under parking. Two are located in Lomita and one is in Torrance.

Marcus & Millichap Capital Corporation is a subsidiary of Marcus & Millichap Real Estate Investment Services, the nation’s largest brokerage firm focused exclusively on real estate investment services. Through its network of national and regional lenders, MMCC provides capital markets products for a wide variety of investment properties, including apartments, shopping centers, office buildings, industrial facilities, single-tenant net-lease properties, seniors housing, hotels/motels, manufactured home communities and self-storage facilities. Last year, MMCC closed more than 378 transactions in commercial real estate financing.

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