Marcus & Millichap Capital Corp. Arranges $5.88M Loan for Oregon LIHTC Property

ALOHA, Ore., Oct 5, 2009 – Marcus & Millichap Capital Corporation (MMCC), has arranged a $5.88 million loan for the acquisition of Willow Springs, (top left photo) a 120-unit Low Income Housing Tax Credit (LITHC) property located in Aloha.

Steven Wiltshire, an associate director in the firm’s Portland office, arranged the financing package for the property.

“Typically, a specialized multifamily product with low-income housing restrictions requires an experienced client,” says Wiltshire. “We closed this tax-credit property transaction in 48 days with an investor who had no previous LITHC experience. We were able to provide confidence to the client and the lender, meet the state agencies’ and the lender’s requirements/concerns and close the transaction expeditiously.”

The interest rate was 6.05 percent fixed with a 30-year amortization schedule. Loan-to- value was 80 percent. Willow Springs was built in 1994.

Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation, (925) 953-1716