MMCC, a division of Marcus & Millichap, successfully secured $7.5 million in refinancing for 529 West Carrillo Apartments. The property is a 50-unit multifamily complex situated in the desirable location of Santa Barbara.
Ron Balys, senior managing director at MMCC’s Orange County office, was responsible for securing the financing from East West Bank on behalf of a private client.
The loan terms include an interest rate of 6.88% over five years with a 30-year amortization and loan-to-value ratio of 50%.
Originally built in 1957 and renovated in 2013, the property consists of five two-story buildings conveniently located near Highway101. It is also just one mile away from downtown Santa Barbara and one mile from the beach.
This successful refinancing deal showcases MMCC’s expertise and commitment to providing top-notch financial solutions for their clients’ real estate needs.
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