### Luxury Apartments in La Brea Secure $17M Refinancing
Marcus & Millichap Capital Corporation has successfully secured $16.85 million to refinance Le Noble Apartment Homes, a luxury 46-unit multifamily property located at 5768 W. 3rd St. in Los Angeles’ La Brea neighborhood. The financing features a 30-year loan term, including three years of interest-only payments at a 6.19% rate, followed by a 30-year amortization and a 65% loan-to-value ratio.
Dan Litman, senior managing director in Marcus & Millichap Capital Corporation’s Los Angeles office, arranged the financing through a national bank on behalf of a local commercial brokerage firm specializing in multifamily and commercial property sales, leasing, and management.
“In addition to the residential revenue, the property also generates income from a cell phone tower,” said Litman. “We found a lender who considered this income for underwriting, allowing us to pay off the previous construction loan and provide the sponsor with some liquidity. Additionally, we maintained flexibility in the loan terms to take advantage of potential lower rates in the future.”
