Marcus & Millichap Capital Corporation Arranges a $19.2M Loan to Refinance a Portfolio of Golf Courses in the Coachella Valley of Southern California
LA QUINTA, Calif., Feb. 26, 2021 – Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged a $19.2M loan to refinance nine golf courses and a country club in La Quinta, California.
The five-year loan, provided by a Southern California bank, was structured with a competitive interest rate and 50% loan-to-value. The financing was negotiated by Marc Cesarec, who is based in MMCC’s Encino office.
“Golfing is one aspect of life that has been largely spared from the negative effects of the coronavirus outbreak,” said Cesarec. “With the implementation of strict safety protocols, golf has seen an increase in popularity and golf course memberships and revenues are up industry-wide.”
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About Marcus & Millichap (NYSE: MMI)
With over 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 8,954 transactions in 2020 with a value of approximately $43 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.