MMCC Arranges Financing for Whittier Multifamily
Marcus & Millichap Capital Corporation (MMCC) arranged $6,585,000 in financing for Kona Palms Apartments, a 37-unit multifamily property located at 14119 Mulberry St. in Whittier. Michael Derk, executive managing director in MMCC’s Nashville office, secured the financing with a national bank on behalf of a private client.
Terms of the financing include a three-year interest-only loan term, a 5.65% interest rate followed by a 30-year amortization schedule and a 65% loan-to-value.
“Los Angeles County continues to demonstrate strong fundamentals for multifamily investment driven by steady demand,” said Derk. “Kona Palms Apartments benefits from a prime location near several schools and community amenities, making it an attractive option for residents and a solid long-term investment for our client.”
The gated property offers a mix of one- to three-bedroom units and offers onsite laundry, a barbecue and picnic area and a carport for all units.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout