Friday, July 31, 2009

Franklin Street Announces $9,550,000 Florida Multifamily Sale

TAMPA, FL, July 31, 2009--Franklin Street Real Estate Services is pleased to announce the sale of Costa Del Sol Apartments (top right photo) in Seminole, Fla., for $9.55 million.

The sales price represents $66,319 per unit and $84.22 per square foot.

Franklin Street broker Robert Goldfinger represented the buyer in the transaction.

John Burpee from NAI Real Estate represented the seller.

The seller was Merecorp, Inc. The buyer was a private investor group.

The buyer paid a premium for the property due to its outstanding location and condition and due to the lack of quality apartment communities available to acquire today,” comments Goldfinger, a Partner with Franklin Street Real Estate Services.

Built in 1972, Costa Del Sol Apartments is located at 7700 Ridge Road in Seminole, FL. The property was constructed of concrete block and offers 113,400 rentable square feet.

The apartment community consists of 72 one-bedroom units and 72 two-bedroom units ranging in size from 675 square feet to 900 square feet.

Common amenities include a swimming pool, lush landscaping, clubhouse and a playground. Units are equipped with washer and dyers, balconies or patios and central air-conditioning.

Costa Del Sol is conveniently located near major highways, beaches and the Gulf of Mexico.

Contact: Mandy Force, Franklin Street Real Estate Services, Phone: 813.839.7300, Fax: 813.839.7330,

Marcus & Millichap Promotes 3 to Vice President Investments in Encino, CA office

The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents.

It represents excellence in client relationships, investment real estate expertise and sales volume, according to Scott D. Lamontagne, regional manager in the firm’s Encino office.

Miller began his career with Marcus & Millichap in 2003, specializing in multi-family properties.

Isaacson also began his career with Marcus & Millichap in 2003 specializing in multi-family properties.

Regenstreif began his career with Marcus & Millichap in 2007, specializing in the sale of retail properties.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Marcus & Millichap Capital Corp. Arranges $4.53M Loan for New York City Mixed-Use Property

NEW YORK, N.Y., July 30, 2009 – Marcus & Millichap Capital Corporation (MMCC) has arranged a $4.53 million loan for the acquisition of an 8,700-square foot mixed-use multi-family and retail building located at 229 Lenox Ave. in New York City.

Brian Ursino, an associate director for the firm’s Manhattan office, arranged the financing package for the mixed-use building.

“The property presented many unique challenges in creating a comprehensive financing package for our client,” states Ursino.

“Our client, a successful art gallery owner, wanted to open a gallery on the first floor and also reside in the building. This required MMCC to source lenders who would finance a combination of loans to include a small business loan, a construction loan for renovations and an equity line of credit.”

“By utilizing MMCC’s platform, we were able to create a knowledgeable advisory team consisting of a lender whose underwriters were familiar with our client’s business, and New York State agencies that subsidized a portion of his interest payments for the first few years of his loan,” continues Ursino.

“The loan program we created gave our client interest on $500,000 at a specified rate for a period of time which paid some of his interest expense.”

Marcus & Millichap Capital Corporation arranged a total of $4.53 million of financing on a $1.8 million purchase.

Financing was provided by a SBA loan of $1.44 million, a construction loan of $2.34 million and a $750,000 equity line. Interest rate was at 5.3 percent fixed rate with a 30-year amortization schedule.

Loan-to-value was 80 percent plus 20 percent in a working capital equity line for a total of 100 percent financing.

“MMCC was able to arrange a creative financing transaction for our client that is becoming increasingly rare, if not extinct, given the current state of the capital markets,” adds Ursino.

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