Marcus and Millichap Sells 10-Unit Multi-Family Property in Gulfport, FL

GULFPORT, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Clinton Arms, (bottom left photo) according to Steven M. Ekovich, First Vice President/Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $650,000. Francesco Carriera (top right photo) an investment specialist in Marcus & Millichap’s Tampa office represented the respective parties in this transaction.

Clinton Arms is a 10-unit multi-family property, built in 1972 and located at 3060 Clinton Street South in Gulfport, Florida.

“This transaction was a challenge to get to the closing table for a variety of reasons. The most significant of which was that the buying entity was a foreign national; in fact he was from Russia.

"The lender originally advised the buyer that they would offer him a 75 percent loan-to-value loan. However, after much turmoil in the capital markets the lender finally lowered the loan-to-value to 57 percent because of foreign borrower risk.

"The buyer agreed to provide the additional down payment because we were able to show him future fundamentals of real estate in Pinellas County and in fact, the United States was positive,” says Carriera.

Press Contact: Steven M. Ekovich, First Vice President/Regional Manager, Tampa
(813) 387-4700