DALLAS, TX – Marcus & Millichap Capital Corporation (MMCC) has arranged a $2.93 million adjustable-rate loan for the acquisition and renovation of Regal Brook Apartments (top right photo) a 146,142-square foot multi-family apartment building located at 8303 Skillman St. in Dallas.
Alex Inman, (bottom left photo) an associate in the firm’s Dallas office, arranged the financing package for the 160-unit apartment building.
“The property presented many obstacles that MMCC was able to overcome when arranging financing for this transaction,” states Inman.
“The property had been foreclosed upon and only had six months of operating history. The lender/owner did not want to spend money on the asset and the management company wasn’t motivated in collecting rents from the current tenants.
“By utilizing MMCC’s national platform, we were able to identify lenders in the marketplace that understood the property’s financial obstacles and could work quickly,” adds Inman. “We effectively communicated the sponsor’s plans, from start to finish, and were able to partner with a lender who understood the sponsor’s vision and could provide a quick turnaround time to close this deal.”
Financing for this transaction was provided by a regional bank at the rate of 6.5 percent, interest only.
“What sets this transaction apart is that MMCC was able to provide the client with the most current capital markets information and source a lender that would finance an underperforming, foreclosed asset.”
Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704
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