Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $12,500,000 for the refinancing of a medical office building located in La Paz Plaza in Mission Viejo, California.
Michael Derk, executive managing director based out of MMCC’s Orange County office worked with investment sales specialist Paul Bitonti to secure the financing with a local lender the team has a long-standing relationship with.
“To achieve the best terms possible, our dedicated team engaged with over 43 different lenders, showcasing our commitment to exhaustive market exploration and negotiation,” said Derk. “Despite the incredible strength of the sponsor’s balance sheet, this deal required a $2.5 million cash-in refinance, emphasizing the challenges and complexities involved in large-scale office transactions.”
The financing terms include a 6.52% interest rate fixed for 5 years with a 30-year amortization schedule that offers extended payment terms. The loan comes with no prepayment penalty.
La Paz Plaza is located adjacent to the San Diego Freeway providing direct access to Greater Los Angeles. Additional plaza tenants include two retail buildings, a bank, a fast-food chain and a church.
