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Ron Balys Of Marcus & Millichap Capital Secures $11.2M Refinance For Retail Property

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FINANCED
$11,200,000

California

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Retail
Financed 04/04/2024
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FINANCED

Ron Balys Of Marcus & Millichap Capital Secures $11.2M Refinance For Retail Property

1000 South Central Avenue

See Similar Deals
Retail
Financed 04/04/2024
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:Retail
Transaction Type:Loan

The loan amounting to $11,200,000 was secured by MMCC for a JoAnn Fabrics store located at 1000 South Central Avenue in Glendale, CA. The loan, a refinance type, features a 10-year term with a 5.97% interest rate, 30-year amortization schedule, and a 50% loan-to-value ratio.

Summary of transation details:

  • Property Type: Retail
  • Transaction Amount: $11,200,000
  • Address: 1000 South Central Avenue
  • Market: Glendale

Ron Balys from Marcus & Millichap Capital Corporation brokered the deal with a local credit union, leveraging the strong real estate market in Glendale to secure favorable terms for the 10-year loan. Despite JoAnn Fabrics' recent bankruptcy filing, the financing was successfully negotiated with the beneficial terms of 5.97% interest rate, 30-year amortization, and 50% loan-to-value ratio.

Players

Ron Balys
Marcus & Millichap
Ron Balys
14 deals$177.9M volume
BROKER

Details

FINANCED
IMAGE: Ron Balys DATE: 04/04/2024 ADDRESS: 1000 South Central Avenue MARKET: Glendale ASSET TYPE: Retail BROKER: Ron Balys (@RonaldBalys) - Marcus & Millichap Capital Corporation (@MMCapCorp) LOAN AMOUNT: $11,200,000 LOAN TYPE: Refinance LOAN TERMS: 10-year loan include a 5.97% interest rate with 30-years amortization and a 50% loan-to-value NOTE: MMCC secured $11.2 million refinancing for a JoAnn Fabrics store in Glendale, CA, despite the company's recent bankruptcy filing. Ron Balys of MMCC negotiated the deal with a local credit union, leveraging Glendale's strong real estate market for favorable terms: 10-year duration, 5.97% interest rate, 30-year amortization, and 50% loan-to-value ratio.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$11,200,000.00

Monthly NOI$74,666.67
Monthly Debt Service$70,791.62
Change in Cash Flow$0.00
Refinance Proceeds$0.00