MARCUS & MILLICHAP CAPITAL CORP. ARRANGES $7.7 MILLION SELF-STORAGE REFINANCE
Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged $7.7 million of debt for a 139,828-square-foot self-storage asset in Victorville.
Michael Laurencelle, an associate director in the firm’s Austin office, arranged the loan.
“Robert Munoz, a senior associate in Marcus & Millichap Real Estate Investment Services’ West Los Angeles office, approached me on behalf of the borrower,” says Laurencelle. “The borrower was interested in pulling equity from the refinance to purchase another property.”
“We worked closely with the borrower to keep him informed on fluctuating interest rates, rising treasury yields and spreads, and our progress with the lender,” adds Laurencelle. “While rates moved up during the process, we secured an interest rate that is still considered historically low. We were able to gain $500,000 in loan proceeds.”
The 10-year fixed loan amortizes over 30 years at 5.9 percent, with a 65 percent loan-to-value.
About Marcus & Millichap Capital Corporation
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 912 commercial real estate financing transactions.For more information, please visit: www.mmCapCorp.com