Ron Balys Of Marcus & Millichap Capital Secures $11.2M Refinance For Retail Property
1000 South Central Avenue
Summary
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.
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