Marcus & Millichap Capital Corporation (MMCC) secured $16,850,000 to refinance Le Noble Apartment Homes, a luxury 46-unit multifamily property located at 5768 W. 3rd St. in Los Angeles’ La Brea neighborhood. Terms of the 30-year loan include three years of interest-only payments at 6.19%, followed by a 30-year amortization and a 65% loan-to-value.
Dan Litman, senior managing director in MMCC’s Los Angeles office, secured the financing with a national bank on behalf of a local commercial brokerage firm specializing in sales, leasing and management of multifamily and commercial properties.
“In addition to the residential revenue, the property also generates income from a cell phone tower,” said Litman. “We found a lender who considered this income for underwriting, allowing us to pay off the previous construction loan and provide the sponsor with some liquidity. Additionally, we maintained flexibility in the loan terms to take advantage of potential lower rates in the future.”
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