MARCUS & MILLICHAP CAPITAL CORPORATION |
Contact: (925) 953-1716 |
$12.75 MILLION LOAN ARRANGED
BY MARCUS & MILLICHAP CAPITAL CORP.
PUYALLUP, Wash., Jan. 15, 2010 – Marcus & Millichap Capital Corporation (MMCC) has arranged a $12,750,000 refinancing loan for Sunrise Medical Campus, a medical office property in Puyallup.
Glenn Gioseffi, a director in the firm’s Seattle office, arranged the financing for the property.
“In this market, many banks have been reluctant to provide financing for office buildings,” says Gioseffi. “The age of the property and the tenant mix really helped push this one over the top.”
The Sunrise Medical Campus was constructed in 2006.
The loan has a loan-to-value of 75 percent and a 7 percent fixed interest rate with a five-year term and 30-year amortization.
“Currently, most office transactions have LTVs of between 50 percent and 60 percent,” adds Gioseffi. “According to our records, this was the highest-leveraged $10 million-plus loan in the area for a non-multifamily project.”
Marcus & Millichap Capital Corporation is a subsidiary of Marcus & Millichap Real Estate Investment Services, the nation’s largest brokerage firm focused exclusively on real estate investment services. Through its network of national and regional lenders, MMCC provides capital markets products for a wide variety of investment properties, including apartments, shopping centers, office buildings, industrial facilities, single-tenant net-lease properties, seniors housing, hotels/motels, manufactured home communities and self-storage facilities. Last year, MMCC closed more than 378 transactions in commercial real estate financing.