Marcus & Millichap Capital Corporation (MMCC) arranged $10,000,000 for the refinancing of the Orange Terrace Apartments, a 72-unit multifamily property located at 698 Orange Ave. in Long Beach. Zack Metzner, Daizy Gomez and Linsey Farrahi of MMCC’s Newport Beach office secured the balance sheet financing on behalf of a private investor.
“The location of this apartment complex in a great area of Long Beach makes it an incredibly attractive asset,” said Metzner. “We were able to secure highly favorable terms for our client including a 10-year term with a 5.9% interest rate and 50% LTV.”
The three-story property offers one-bedroom apartments and is located in the North Alamitos Beach neighborhood, a mile from the shore.
How are deals getting financed in today’s uncertain climate? On May 1, Connect Los Angeles 2024 brings together John Manning of MMCC, Gary Bechtel of Red Oak Capital Holdings, Felix Gutnikov of Thorofare and TR Hazelrigg, IV of Avatar Financial Group on the Financing with Debt Panel. Register now to hear from these industry experts.
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