WEST COVINA, CALIF. — IPA Capital Markets, a division of Marcus & Millichap Capital Corp., has secured $22.4 million in financing for the acquisition of an apartment asset located in West Covina. An undisclosed borrower used the loan proceeds to purchase the 85-unit asset, which is located at 217 S. Barranca Ave.
Michael Derk and Nick Gray of Marcus & Millichap Capital Corp. arranged the financing, while Tyler Leeson and Matthew Kipp of Marcus & Millichap’s Newport Beach office, along with Kevin Green of IPA, represented the borrowers in the acquisition.
The interest rate is fixed at 3.75 percent for seven years, with the first three years bring interest-only payments followed by a 30-year amortization. The loan-to-value ratio is 60 percent.