Updated Dec 4, 2024
Marcus & Millichap Capital Corporation Secures $9.15M Loan For Redondo Beach Multifamily Acquisition
1402 Esplanade & 213 Calle Miramar
$9,150,000
Units
22
Asset Type
MultiFamily
Closing
Sep 18, 2024
About this deal
AI
The transaction involved the acquisition of two multifamily properties located at 1402 Esplanade and 213 Calle Miramar in Redondo Beach, CA. The assets encompass a total of 22 units. The financing secured for this acquisition amounted to $9,150,000, structured as a fixed-rate, non-recourse loan.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $9,150,000
- Loan Type: Acquisition
- Loan Terms: fixed rate, non-recourse
- Broker: Bradley Buzil - Marcus & Millichap Capital Corporation
- Market: Redondo Beach
- Assets: 22 units
Bradley Buzil represented Marcus & Millichap Capital Corporation in arranging the loan necessary for this transaction. The financing enabled the client to repatriate capital while also expediting the closing process through a cross-collateralized loan structure.
Redondo Beach MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.73%
Cash-on-Cash
-0.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93