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RIVERSIDE, CA-Marcus & Millichap Capital Corp. has arranged $7.12 million in refinancing for Tuscan Townhomes, a 63-unit apartment complex in Riverside. Michael Derk, vice president of capital markets in the Long Beach office of MMCC, arranged the loan.

 “This deal was a challenge because we had to secure a sizable loan in a tertiary market with several hurdles,” explained Derk. “First, our client wanted full leverage of 75% in a challenged market. And since this asset is fairly new, this difficulty was compounded by the asset’s limited operating history. Second, the building had recently achieved full occupancy while undergoing a management change resulting in books and records that were both limited and inconsistent.”

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