PHILADELPHIA, PA Sept., 24, 2012 – Marcus & Millichap
Capital Corporation (MMCC) has arranged $6.9 million in financing for a
six-property student housing portfolio.
John Banas (top right photo) and Kris Wood (lower left photo), directors in MMCC’s Philadelphia office, arranged the
loan. It is their second student housing portfolio financing in the amount of
$6.9 million within two months for a total of $13.8 million.
“The
client requested financing for multiple properties across Kutztown University
and Penn State University’s Harrisburg campus,” said Banas. “The owner wanted
to free up some equity to buy out a partner.”
“The
market locations were too small for agency financing,” adds Wood. “It was
challenging to find competitive rates and terms. MMCC has a great deal of
experience handling complex student housing financing.”
MMCC used
its underwriting and loan packaging abilities to present a comprehensive
analysis of the diverse student housing portfolio. The portfolio contains a
number of newly constructed and recently stabilized buildings.
The loans
were structured with 10-year terms and amortize over 30 years at an interest
rate of 4.25 percent. The LTV is 75 percent.
Contact:
Stacey Corso
Marcus & Millichap Capital Corporation
(925) 953-1716
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