RANCHO CUCAMONGA, Calif., Aug. 6, 2019 – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing, has arranged a $12.7 million bridge loan for the purchase of a 100,224-square-foot shopping center in Rancho Cucamonga, California.
“This was a complex transaction that involved heavy underwriting negotiations to ensure that maximum proceeds were attained,” said Rick Judge, senior vice president capital markets in MMCC’s Newport Beach office. “The funds we sourced were significantly greater than a conventional loan and offered the highest leverage of any other bridge loan program. We also sourced the best programs available for four of our client’s additional properties that were both stabilized and non-stabilized.” Judge and Preston M. Davey, associate director, arranged the financing. “The combination of instability in the equities market and low interest rates are motivating owners to refinance, pull equity from their portfolios and purchase additional assets,” added Davey. “Value-add deals are particularly sought-after.” The debt placement is a floating rate program starting at 6% with a five-year term and 12 months of interest-only. The loan-to-value is 71%.
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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. Through its network of national, regional and local 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. In 2018, MMCC closed over 1,600 commercial real estate financing transactions totaling $6.2 billion. To learn more, please visit: www.mmCapCorp.com.
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With more than 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of $49.7 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.