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Marcus & Millichap Capital Arranges $4.75M Loan For La Crescenta, LLC's Acquisition Of National City Multifamily Property

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FINANCED
$4,750,000
Tom McCartin
Chad O’Connor

California

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MultiFamily
Financed 11/29/2023
the dealplayerscompscontact
Property Image
FINANCED

Marcus & Millichap Capital Arranges $4.75M Loan For La Crescenta, LLC's Acquisition Of National City Multifamily Property

611 Highland Avenue

See Similar Deals
MultiFamily
Financed 11/29/2023
Tom McCartin
Chad O’Connor
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Loan

Marcus & Millichap Capital Corporation has arranged $4,750,000 in financing for La Crescenta, LLC to acquire a recently built 19-unit multifamily property located at 611 Highland Avenue in National City, California. The property consists of one- and two-bedroom loft apartments and boasts favorable terms, including a 5-year fixed interest rate of 6.5%, a 15-year term, a 3-year interest-only period, a 30-year amortization schedule, and a loan-to-value ratio of 60%.

Summary of Transaction Details

  • Property Type: Multifamily
  • Transaction Amount: $4,750,000
  • Units: 19
  • Address: 611 Highland Avenue
  • Market: National City

The financing for this acquisition was secured through Marcus & Millichap Capital Corporation. The brokers involved in the deal were Chad O'Connor and Tom McCartin, representing Marcus & Millichap Capital Corporation. Their expertise and assistance were instrumental in facilitating this loan for La Crescenta, LLC.

Players

Chad O’Connor
Marcus & Millichap
Chad O’Connor
27 deals$267.3M volume
BROKER
Tom McCartin
Marcus & Millichap
Tom McCartin
3 deals$51.9M volume
BROKER

Details

FINANCED
IMAGE: Chad O’Connor & Tom McCartin DATE: 11/29/2023 ADDRESS: 611 Highland Avenue MARKET: National City ASSET TYPE: Multifamily ~ UNITS: 19 BROKERS: Chad O’Connor (@ChadOConnor5) & Tom McCartin - Marcus & Millichap Capital Corporation (@MMCapCorp) LOAN AMOUNT: $4,750,000 LOAN TYPE: Acquisition Loan LOAN TERMS: 5-years fixed interest of 6.5% with a 15-year term, 3-years interest only with 30-years amortization and an LTV of 60% NOTE: Marcus & Millichap Capital Corporation has arranged $4,750,000 in financing for La Crescenta, LLC to acquire a recently built 19-unit multifamily property in National City, California. The property features a mix of one- and two-bedroom loft apartments, with favorable terms including a 5-year fixed interest of 6.5%, 15-year term, 3-year interest-only period, 30-year amortization, and a 60% loan-to-value ratio.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$4,750,000.00

Monthly NOI$31,666.67
Monthly Debt Service$30,023.23
Change in Cash Flow$0.00
Refinance Proceeds$0.00