MIAMI, F: – Marcus & Millichap Capital Corporation (MMCC) has arranged refinancing totaling $10.41 million for a 120-unit multifamily high-rise in Miami.
Michael Balan, (top right photo) a senior director in the firm’s Miami office, arranged the loan.
“The borrower is an experienced investor with a good relationship with his usual lender, a national bank,” says Balan. “Concerned about rising interest rates, the borrower came to MMCC for assistance.
“We were able to use our strong relationships with top agency lenders to find the right lender; one previously unknown to the borrower,” continues Balan. “The pressure to get the property appraised was intensified by the paucity of sales comparables for a property of this size.
The loan is a 10-year fixed-rate loan with a 65 percent loan to value. The interest rate is 5.39 percent and the amortization is 30 years.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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