Marcus & Millichap Secures $13.5M Refinance For Canyon Crest Apartments And Hawthorne Chateau Apartments

The transaction involved refinancing two multifamily properties: Canyon Crest Apartments located at 7833 Ventura Canyon Avenue in Panorama City and Hawthorne Chateau Apartments at 3505 West 139th Street in Hawthorne. The loan amount for this transaction was $13,500,000, and it was structured as a refinance. The loan terms include 10-year rates with full-term interest-only payments set at 5.67% for Canyon Crest Apartments and 5.9% for Hawthorne Chateau Apartments.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $13,500,000
• Loan Type: Refinance
• Loan Terms: 10-year, interest-only
• Market: Panorama City & Hawthorne
• Broker: Michael Derk - Marcus & Millichap Capital Corp

Michael Derk represented Marcus & Millichap Capital Corp in arranging the refinancing for both properties involved in the deal. This refinancing structure facilitates full-term interest-only payments, providing a specific financial strategy for the property owners over the designated loan period.