Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $11,200,000 for the refinancing of a JoAnn Fabrics and Crafts store located at 1000 S. Central Ave. in Glendale, California.
Ron Balys, senior vice president, capital markets based out of MMCC’s Orange County office, secured the financing with a local credit union on behalf of a private client.
“We were able to work with a lender who understood JoAnn’s financial situation, which was imperative to the closing of this refinance,” said Balys. “JoAnn’s filed for bankruptcy the day before funding and the lender held their commitment to fund the loan. The property is located in the heart of Glendale, which has proven to be one of the strongest real estate markets in the country.”
Terms of the 10-year loan include a 5.97% interest rate with 30-years amortization and a 50% loan-to-value.
