Marcus & Millichap Capital Corp., which arranged the funding, the loan is for the purchase of the property by a limited liability company.
The loan was provided through a conduit lender at a 75% loan-to-value ratio. The 6.25% fixed-rate loan has a 10-year term with a 28-year amortization, according to Dan Litman of Marcus & Millichap Capital's Encino office, who arranged the financing. Litman says the property has a ground lease expiring in 2037 that encompasses approximately 12.5 percent of the property, which includes two parcels that will be available for future development.
Marcus & Millichap Capital Corp. is a subsidiary of Encino, Calif.-based Marcus & Millichap Real Estate Investment Brokerage Co. Last year the financing subsidiary arranged more than $400 million of commercial real estate financing.
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