Marcus & Millichap Capital Corp. Arranges $3M Loan for Seattle Apartment Building

SEATTLE, WA--Marcus & Millichap Capital Corporation (MMCC) has arranged a $3 million fixed-rate loan to refinance a 50-unit apartment building located at 1729-12th Ave., Seattle.

Glenn Gioseffi, a director in the firm’s Seattle office, arranged the financing package for the Roosevelt Apartments.

“The property had multiple challenges with construction, zoning and usage issues,” says Gioseffi. “MMCC was able to remedy the issues and secure a lender that we have an established relationship that finances properties with similar challenges.”

Financing for the Roosevelt Apartments was provided by an insurance company at a 5.85 percent fixed rate for the first five years, then a five-year rollover to 280 basis points over the five-year Treasury. Terms of the loan are for five years with a 30-year amortization schedule. Loan-to-value was 40 percent.

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