Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $5,000,000 for the refinancing of Larson Apartments, located at 8101 Larson Ave. in Garden Grove, California.
Ron Balys, senior vice president, capital markets, based out of the firm’s Orange County office, secured the bank financing on behalf of a private client.
“In 2022, MMCC originated the acquisition financing with a line of credit for the client to construct four Accessory Dwelling Units (ADUs),” said Balys. “The client executed their business plan from the original purchase, and we were able to secure conventional financing with a local bank.”
Terms of the 30-year loan include 65% loan-to-value and a 6.30% interest rate with 30-years amortization.
Constructed in 1980, the two-story, 21-unit property features a mix of studio to three-bedroom units and is located adjacent to Route 22 and Route 39, providing direct access to the Greater Los Angeles region.
About Marcus & Millichap Capital Corporation
Marcus & Millichap Capital Corporation (MMCC) is a subsidiary of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada. MMCC provides commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, sponsor equity, loan sales and consultative and due diligence services. In 2023, MMCC closed 1,076 transactions totaling $6.73 billion. To learn more, please visit: marcusmillichap.com/financing.
