**MMCC Arranges $6.6M Financing for Kona Palms Apartments in Whittier**
Marcus & Millichap Capital Corporation (MMCC) has successfully arranged $6,585,000 in financing for Kona Palms Apartments, a 37-unit multifamily property located at 14119 Mulberry Street in Whittier, California. The transaction was facilitated by Michael Derk, Executive Managing Director in MMCC’s Nashville office, who secured the financing through a national bank on behalf of a private client.
The financing terms include a three-year interest-only loan at a 5.65% interest rate. After the interest-only period, the loan will amortize over 30 years. The arrangement reflects a 65% loan-to-value ratio.
“Los Angeles County continues to demonstrate strong fundamentals for multifamily investment driven by steady demand,” said Derk. “Kona Palms Apartments benefits from a prime location near several schools and community amenities, making it an attractive option for residents and a solid long-term investment for our client.”
The gated community features a mix of one- to three-bedroom units and includes amenities such as on-site laundry facilities, a barbecue and picnic area, and covered carport parking for all residents.
