December 17, 2015
Marcus & Millichap recently secured $107 million in financing for two apartment complexes in California. Marcus & Millichap Capital Corporation’s Jake Roberts and Anita Paryani brokered the deal.
One property, Emerald Terrace Apartments in Los Angeles, secured a $52-million bridge loan and is a testament to the emerging submarkets that are attracting millennials, such as Echo Park, Koreatown, and Downtown, to name a few. Robert, first vice president of capital markets said, “These previously hidden pockets of Los Angeles real estate are becoming prime locations for value-add investments.”
The other, Fiori Estates, in Northern California’s Rohnert Park, received a $55-million bridge loan with loan-to-value of 65-percent and loan-to-cost of 92-percent.
Roberts and Paryani closed over $112 million in investment property finance transactions in November.