PORTLAND, OR – Marcus & Millichap Capital Corporation (MMCC) has arranged a $5.3 million CMBS loan for the acquisition of a mixed-use retail and multifamily property in Portland.Steven Wiltshire (top right photo), an associate director in the firm’s Portland office, arranged the financing.
“The property is a highly visible grocery store and multifamily combination that primarily serves the local market as ingress and egress to the property are limited,” says Wiltshire. “The multifamily units are larger than normal, which created a unique situation in terms of finding comparables and data to support rents and values.”
“Grocery-anchored retail is a strong product for the market and continues to attract a broad array of debt sources which increases probabilities,” continues Wiltshire. “MMCC navigated the current CMBS market for our client and justified the property’s NOI to support the debt yield and the leverage required to meet the demands of the buyer.” The 10-year loan, amortized over 30 years, has a fixed interest rate of 5.5 percent and the LTV is 72 percent.
Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation
(925) 953-1716
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