CORVALLIS, OR – Marcus & Millichap Capital Corporation (MMCC) has arranged $6 million in refinancing with cash out for an 87-unit student housing property in Corvallis. Steven Wiltshire (top right photo), an associate director in the firm’s Portland office, arranged the financing.
“The property is a fully stabilized asset in a captive market with no loss of occupancy during breaks in the academic year,” says Wiltshire. “MMCC provided supportive data for the underwriting and helped established unit value.
“ We also demonstrated demand for the asset, which further supported the market value needed to complete the loan request,” adds Wiltshire. “We established rate-lock early in the process and were prepared to close in 45 days.”
The loan is for five years, amortized over 30 years with a fixed interest rate of 5.04 percent. The LTV is 70 percent.
The property was built in 2006.
Press Contact: Stacey Corso , Marcus & Millichap Capital Corp., (925) 953-1716
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