MMCC Secures $3,412,500 Bridge Loan for Lompoc Multifamily Property Acquisition
Marcus & Millichap Capital Corporation (MMCC) successfully arranged a bridge loan of $3,412,500 for the acquisition of a 30-unit multifamily property in Lompoc. The property is located at 701-717 N. F St and was acquired by a local investment management company.
According to Ron Balys, Senior Vice President at MMCC’s Orange County office who secured the financing from a western-based fund on behalf of the buyer: “We were able to close this deal within three business days despite initial challenges with the lender. Our team worked diligently to secure financing that met both buyer and seller’s needs for their 1031 exchanges.”
The one-year loan has an interest rate of 11.5% and loan-to-value ratio of 65%. The property comprises five detached buildings with six two-bedroom units each.
This transaction highlights MMCC’s expertise in arranging quick and efficient financing solutions for commercial real estate acquisitions. Contact us today to learn more about our services.
