 |
| John Banas |
DOYLESTOWN, PA – Marcus & Millichap Capital Corp.
(MMCC), a leading provider of commercial real estate financing and capital
markets expertise, has arranged a $25,687,000 loan for the purchase of a
350-unit high-rise in Doylestown, Pa.
John Banas and Kristopher Wood, senior
directors in MMCC’s Philadelphia office, arranged the loan.
“MMCC
provided the borrower with a range of options for obtaining the capital
necessary for this purchase. An agency lender proved to be the best fit,” says
Banas.
“The new owner will continue to convert the building from
primarily seniors housing to market-rate multifamily and plans to streamline operations
and enhance the asset with additional apartments or more community amenities,”
adds Wood.
The
10-year loan amortizes over 30 years. The interest is fixed at 4.41 percent and
the loan to-value is 80 percent.
 |
| Kristopher Wood |
“Kris and
John are among our most experienced finance professionals,” comments John
Wilcox, MMCC’s vice president, East Coast capital markets.
“Their work on
this transaction exemplifies their consultative approach: identifying the
client’s needs and matching them with the capital source that offers the most
compelling terms.”
For a complete
copy of the company’s news release, please contact:
Gina Relva
Public Relations Manager
Marcus & Millichap Capital Corporation
(925) 953-1716
No comments:
Post a Comment