Marcus & Millichap : Capital Corporation Arranges $20M Bridge Loan for Phoenix Multifamily Asset
January 26, 2021 at 03:28 pm
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PHOENIX, Jan. 26, 2021 - Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged a $20M interest-only bridge loan to refinance a 108,384-square-foot multifamily property in Phoenix.
The two-story, 51-unit apartment complex was built in 2020. The three-year loan, provided by a New York-based private investment firm, has two 12-month extensions. The non-recourse debt for the 90%-complete asset was structured with a competitive interest rate and 71.3% loan-to-value. The financing was negotiated by Tyler Waller, associate director in MMCC's Phoenix office and Anita Paryani-Rice, senior vice president capital markets in the firm's West Los Angeles office.
'This loan was part of a trend we're seeing wherein owners are taking advantage of low interest rates by refinancing their higher interest, recourse construction loans,' said Waller.
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About Marcus & Millichap (NYSE: MMI)
With more than 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of $49.7 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
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Marcus & Millichap Inc. published this content on 26 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 January 2021 20:27:02 UTC
Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
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