MARCUS & MILLICHAP CAPITAL CORPORATION |
Contact: (925) 953-1716 |
MARCUS & MILLICHAP CAPITAL CORP.
ARRANGES $8.8 MILLION LOAN IN FRESNO, CALIF.
FRESNO, Calif., Dec. 21, 2009 – Marcus & Millichap Capital Corporation (MMCC) has arranged an $8.8 million loan to refinance the Sunrise Medical facility, a single-tenant office and industrial property in Fresno.
Jerry Wise, a vice president capital markets and senior director in the firm’s West Los Angeles office, arranged the financing for the property.
“This was a challenging transaction due to the single-tenant-use nature of the property and the tenancy by a non-credit private company,” says Wise. “The existing CMBS loan was maturing shortly. The lender did an excellent job of understanding the operating performance of the asset and the family trust that owned the property,” adds Wise.
The 10-year loan is fixed for five years at 7 percent, with a 25-year amortization, and a loan-to-value of 65 percent..
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.