MMCC Arranges Refi for LA Retail
Marcus & Millichap Captial Corp (MMCC) arranged an $8.5 million financing for Occidental Plaza at 4414-4430 York Blvd. in Los Angeles, CA.
Sharone Sabar of MMCC arranged the debt replacement on behalf of the owners, Kareco, Inc. The refinancing was structured with a 10-year term amortized over 25 years with a fixed rate at 3.89 and a LTV of 65 percent.
"The borrower, a longtime client, was focused on low-cost financing that would maximize proceeds over a long term, despite the property’s short-term leases," says Sabar. "We met our client’s financial goals by securing high-leverage, nonrecourse debt at a sub-4-percent interest rate."
Built in 2008, this multi-tenant, 19,238-square-foot retail building is anchored by CVS Pharmacy. Kareco acquired this property in 2012 for $11 million, according to CoStar data.