Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $5,925,000 for the refinancing of Madison Park, a 36-unit multifamily property located 23135 Madison Street in Torrance, California.
Michael Derk, executive managing director in MMCC’s Nashville office, secured the financing with a national bank on behalf of a private client.
“This was an exceptional deal because we proactively took advantage of a dip in the treasury market,” said Derk. “By having a complete application package ready, we capitalized on the lower rates, which ultimately secured the favorable interest rate.”
Terms of the 10-year loan include a 5.18% interest rate with 25-years amortization and a loan-to-value of 50%.
The gated property features a mix of one- and two-bedroom units and offers on-site amenities such as laundry facilities, a pool and a courtyard.
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 2023, MMCC closed 1,076 transactions totaling $6.73 billion. To learn more, please visit: marcusmillichap.com/financing.
