Newswire Mann Report

Marcus & Millichap Arranges $10M Refi for Long Beach, CA Multifamily

Orange Terrace (Photo courtesy of Marcus & Millichap)

Marcus & Millichap Capital Corporation (MMCC), a provider of commercial real estate capital markets financing solutions, arranged $10 million for the refinancing of the Orange Terrace Apartments, a 72-unit multifamily property located at 698 Orange Ave. in Long Beach, California.

Zack Metzner, Daizy Gomez and Linsey Farrahi, based out of MMCC’s Newport Beach, California 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, one mile from the shore.