Marcus & Millichap Capital Corporation (MMCC) arranged $11,200,000 to refinance a JoAnn Fabrics and Crafts store located at 1000 S. Central Ave. in Glendale. Terms of the 10-year loan include a 5.97% interest rate with 30-years amortization and a 50% loan-to-value.

Ron Balys, SVP, capital markets based in MMCC’s Orange County office, secured the financing with a local credit union on behalf of a private client.

“We were able to work with a lender who understood JoAnn’s financial situation, which was imperative to the closing of this refinance,” said Balys. “JoAnn’s filed for bankruptcy the day before funding and the lender held their commitment to fund the loan. The property is located in the heart of Glendale, which has proven to be one of the strongest real estate markets in the country.”

How are deals getting financed in today’s uncertain climate? On May 1, Connect Los Angeles 2024 brings together John Manning of MMCC, Gary Bechtel of Red Oak Capital Holdings, Felix Gutnikov of Thorofare and TR Hazelrigg, IV of Avatar Financial Group on the Financing with Debt Panel. Register now to hear from these industry experts. 

Marcus & Millichap Capital Corporation (MMCC) arranged $5,000,000 for the refinancing of Larson Apartments, located at 8101 Larson Ave. in Garden Grove. Ron Balys, SVP, capital markets, based out of MMCC’s Orange County office, secured the bank financing on behalf of a private client.

“In 2022, MMCC originated the acquisition financing with a line of credit for the client to construct four Accessory Dwelling Units (ADUs),” said Balys. “The client executed their business plan from the original purchase, and we were able to secure conventional financing with a local bank.”

Terms of the 30-year loan include 65% loan-to-value and a 6.30% interest rate with 30-years amortization. Constructed in 1980, the two-story, 21-unit property features a mix of studio to three-bedroom units and is located adjacent to routes 22 and 39, providing direct access to the Greater Los Angeles region.