Marcus & Millichap Capital Corp. Arranges $1.35M Loan for Portland, OR Apartment Complex

PORTLAND, OR – Marcus & Millichap Capital Corporation (MMCC) has arranged a $1.35 million fixed-rate loan to refinance the Hoffman Apartments property, a 12-unit multi-family asset located at 1425 NW 19th St. in Portland.

Steven Wiltshire, (top right photo) an associate director in the firm’s Portland office, arranged the financing package for Hoffman Apartments.

“The property was operating at under market expense with lower-than-market expense ratios,” says Wiltshire.

“MMCC was able to add value by documenting the ratios and presenting an improved debt-service coverage ratio to the lender. As a result, the borrower also benefited by a gain in proceeds at closing.”

Financing for this property was provided by a commercial bank at a 6.37 percent fixed rate. Terms of the loan are for 5 years with a 30-year amortization schedule. Loan-to-value was 58 percent.

Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704