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

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.