Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $3.8 million for the refinancing of a 34,617 square-foot industrial property located at 2604 South Malt Avenue in Commerce, California.
Kevin Elliott, senior director and Chad O’Connor, executive managing director in MMCC’s San Diego office secured the financing with a local credit union on behalf of a private owner.
“Our borrower’s loan had recently converted to an adjustable rate, and we were able to lower the rate and secure significant proceeds through this refinance,” said Elliott.
Terms of the 6-year loan include a 5.58% interest rate fixed for the first three years, with 30-years amortization and a loan-to-value of 50%.
The property is located near the Santa Ana Freeway and is currently tenanted by RMD Trading Corp, a used clothing exporter that uses the space for distribution and storage.
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 2022, MMCC closed 2,143 transactions totaling $12.82 billion. To learn more, please visit: marcusmillichap.com/financing.
