MARCUS & MILLICHAP CAPITAL CORPORATION |
Contact: (925) 953-1716 |
MARCUS & MILLICHAP CAPITAL CORP. REFINANCES
MULTIFAMILY ASSET FOR $10.1 MILLION
MIAMI, July 27, 20 10 – Marcus & Millichap Capital Corporation (MMCC) has arranged refinancing totaling $10.41 million for a 120-unit multifamily high-rise in Miami.
Michael Balan, a senior director in the firm’s Miami office, arranged the loan.
“The borrower is an experienced investor with a good relationship with his usual lender, a national bank,” says Balan. “Concerned about rising interest rates, the borrower came to MMCC for assistance.
“We were able to use our strong relationships with top agency lenders to find the right lender; one previously unknown to the borrower,” continues Balan. “The pressure to get the property appraised was intensified by the paucity of sales comparables for a property of this size.
Deme Mekras, a vice president investments specializing in multifamily investment sales in the Miami office of Marcus & Millichap Real Estate Investment Services, provided high-quality sales comparables.
The loan is a 10-year fixed-rate loan with a 65 percent loan to value. The interest rate is 5.39 percent and the amortization is 30 years.
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.