Marcus & Millichap Capital Corporation (MMCC) recently secured a $12.5 million refinancing deal for a medical office building in La Paz Plaza, Mission Viejo. The financing was arranged by Executive Manager Director Michael Derk and Investment Sales Specialist Paul Bitonti from MMCC’s Orange County office, working with a local lender that the team has established a strong relationship with.
According to Derk, their dedicated team reached out to 43 different lenders in order to secure the best possible terms for this transaction. This showcases their commitment towards thorough market research and effective negotiation strategies. Despite the sponsor’s solid financial standing, this particular deal required an additional investment of $2.5 million – highlighting the complexities involved in large-scale office transactions.
The financing package includes an attractive fixed interest rate of 6.52% for five years along with extended payment terms through a 30-year amortization schedule without any prepayment penalties.
The La Paz Plaza is situated at 26137 La Paz Rd., providing convenient access to Greater Los Angeles via San Diego Freeway connections. Alongside its prime location, other tenants within the plaza include two retail buildings, bank branches as well as popular fast-food chains and churches – making it an ideal commercial hub for various businesses.
This successful refinancing deal by MMCC highlights their expertise and experience in securing favorable financing options while navigating complex real estate transactions like these.
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