Tuesday, April 30, 2013

Marcus & Millichap Capital Corp. Arranges $5.7 Million 100 Percent Cash-Out Multifamily Refinance in Nashville, TN

                                      184-Unit Apartment Community in Nashville, TN
NASHVILLE, TN– Marcus & Millichap Capital Corporation (MMCC) has arranged $5,687,000 in debt for a 184-unit multifamily community in Nashville.

John Banas
Kristopher Wood and John Banas, both directors in MMCC’s Philadelphia office, arranged the loan.

“The challenge in this transaction was finding an agency lender willing to provide a cash-out refinance on an asset that had been purchased as a distressed property in 2011,” says Wood. “Our borrowers were interested in fixed-rate debt, as the operations and property improvements are complete. The 100 percent cash-out was to repay investors and stabilize cash flow for a long-term hold,” adds Wood.

Kristopher Wood
“Through our long-term lender relationships, we were able to deliver loan terms that were significantly better than market, exactly what our client was looking for,” Banas concludes.

The 10-year loan amortizes over 30 years at 4.02 percent. The LTV is 75 percent.

For a complete copy of the company’s news release, please contact:

Ben Johnson,
Marketing Director
(925) 953-1736

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