RENTON, WA– Marcus & Millichap Capital Corporation (MMCC) has arranged a $7,143,750 purchase loan for a 75-unit garden-style multifamily property in Renton.Glenn Gioseffi (top right photo) a director in MMCC’s Seattle office, arranged the loan.
“MMCC had 35 days to fund the loan,” says Gioseffi. “The property was scheduled to be auctioned off by an agency lender and there was a second lien held by the State of Washington. We seldom see buildings with a time frame this short as typically only cash buyers bid on a property so close to the auction date,” Gioseffi adds.
“We identified a lender who could fund in 35 days and accommodate a 75 percent loan-to-value loan that was nonrecourse,” continues Gioseffi. “Procuring taxes and bank statements from out of the country on behalf of the foreign buying group created some complications, but in the end we were able to close within the tight timeframe,” Gioseffi concludes. “There really was no room for delays in the closing process.”
The nonrecourse loan is for 30 years with 30-year amortization, a fixed 4.65 percent interest rate and 75 percent LTV.
The borrowers came to Gioseffi on a recommendation from Dan Swanson (lower left photo), a vice president investments in Marcus & Millichap Real Estate Investment Services Inc.’s Seattle office.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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