MMCC, a division of Marcus & Millichap, successfully arranged $3.8 million in refinancing for an industrial property located at 2604 S. Malt Ave in Commerce. The 34,617-square-foot property was owned by a private individual and the financing was secured through a local credit union by MMCC’s senior director Kevin Elliott and executive managing director Chad O’Connor from the San Diego office.
According to Elliott, this refinancing allowed for significant proceeds while also lowering the borrower’s adjustable rate loan to a fixed rate.
The terms of the six-year loan include an interest rate of 5.58% fixed for three years with amortization over 30 years and a loan-to-value ratio of 50%. The property is strategically located near Santa Ana Freeway and is currently occupied by RMD Trading Corp., which uses it as distribution and storage space for their used clothing export business.
Overall, this successful refinance showcases MMCC’s expertise in securing favorable financing options for their clients’ commercial real estate properties.
