9/17/2008

Marcus & Millichap arranges $10M refinancing loan in California

by Drew Smith
Marcus & Millichap has arranged a $10.1 million in refinancing for a single-tenant retail property in Santa Monica, Calif.

Jake Roberts, Anita Paryani and Sharone Sabar arranged the financing package for the property.

The package was provided by a commercial bank with a 5.99 percent fixed rate. The loan was arranged for 10 years with a 10-year amortization rate with a 44 percent loan-to-value rate.

"The ideal location of this asset and the amount of money invested in tenant improvements was enough security for the lender," Roberts said.

Address: 1242-1246 Third St. Promenade, Santa Monica, Calif.

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Filed Under: Retail

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