Marcus & Millichap Capital Corporation has arranged a $5.7 million loan for an office building in the Northridge neighborhood of Los Angeles. The financing is secured by a 48,954-square-foot office property at 9221 Corbin Ave., which is occupied by a variety of commercial tenants. The asset is positioned near California State University, Northridge, benefiting from proximity to a major educational institution and the related demand drivers in the surrounding area.
The financing was arranged by Dean Giannakopoulos, senior managing director in MMCC’s Chicago office. Working on behalf of a private client, Giannakopoulos sourced the loan through a regional bank. The transaction was structured as a three-year loan at a 65% loan-to-value ratio, with a 6% interest rate and a 25-year amortization schedule. According to MMCC, the structure provides the borrower with leverage and a debt profile aligned with a long-term hold strategy for the building.
In commentary on the transaction, Giannakopoulos described the loan as an example of ongoing lender appetite for well-located Los Angeles office assets that demonstrate stable tenancy and strong local demand fundamentals. By securing bank financing with a fixed-rate structure, MMCC was able to deliver predictable debt costs for the client over the loan term, despite evolving conditions in the broader capital markets.
The office property itself is leased to a diverse tenant roster. Current occupants include a tutoring service, an internet service provider, a computer repair service, consultants, real estate agents, and accounting firms. This mix of users underscores the property’s role as a multi-tenant office environment serving a range of professional and service-oriented businesses in the Northridge area.
With this financing in place, the private client has locked in a defined capital structure backed by bank debt, supported by the asset’s tenancy and its location near California State University, Northridge. While specific details about the borrower and lender were not disclosed, the transaction highlights continued engagement from regional banks in the small- to mid-sized office loan segment within the Los Angeles market.
