Mark One Capital Arranges Acquisition Financing for Medical Office Property in Dallas-Fort Worth Metroplex

 DALLAS, TX– Mark One Capital, a subsidiary of Marcus & Millichap Capital Corporation (MMCC), has arranged a high-leverage acquisition loan for a 20,000-square foot medical office property occupied by a Baylor Surgery Center in the Dallas/Fort Worth Metroplex.

Farhan Kabani (top right photo), an associate director in Mark One’s Dallas office, arranged the financing.

 “Lenders are aggressively bidding on medical office properties,” says Kabani. “Mark One arranged financing that is unmatched in the marketplace and quite rare for a surgery center.”

 The nonrecourse loan has an LTV of 76 percent. The loan is for five years, amortized over 25 years. The interest rate was fixed at 4.66 percent.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

$14 Million Multifamily Loan Closed by Marcus & Millichap Capital Corp. in Southern California

LOS ANGELES, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged $14,050,000 in interest-only, refinancing with substantial pay-off flexibility for a three-property multifamily portfolio in Southern California.

 Dan Litman (top right photo), a vice president capital markets in the firm’s West Los Angeles office, arranged the loan.

 “MMCC sourced a five-year fixed interest-only loan for our client,” says Litman. “Besides the interest-only feature, we negotiated two items in the loan that the lender had never offered before. The options were a non-LIBOR adjustable index after the fixed term, and a 10 percent per year principal pay down without penalty,” he adds.

The interest rate on the loan is 4.225 percent and the LTV is 65 percent.

 The properties were built in 1962 and have a total unit count of 92.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

San Francisco Bay Area Assisted Living Facility Commands $11.3 Million

  

WALNUT CREEK, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of

Tiffany Court (top left photo), a 57-unit assisted living facility located in Walnut Creek, approximately 32 miles east of San Francisco. The sales price of $11.3 million represents $198,246 per unit.

Rob Reis (lower right photo), a senior associate in Marcus & Millichap’s San Francisco office, represented the buyer, a national owner/operator, and the seller, a local developer.

  “Tiffany Court has an outstanding reputation in the community,” says Reis. “The property was developed, owned and operated by the seller. The facility opened the week before Thanksgiving in November 1996 and was fully leased in three and one-half months,” adds Reis.

Located at 1866 San Miguel Drive in a prime central Walnut Creek location, the 66-bed property is surrounded by single-family residential development and medical office buildings. Rossmoor, a 6,700-unit retirement community is located nearby, as is a pharmacy that bubble-packs medication.

Kaiser Permanente Walnut Creek, a 233-bed hospital, is located 0.4 miles southwest of the property and the 327-bed John Muir Medical Center is located 1.5 miles to the northeast.

 Tiffany Court was 95 percent occupied at the time of the sale. All units include a full bath with shower, a patio or porch and a kitchenette.

  Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Jamie B. May OF IPA Sells 152-Unit REO Apartment Building in Lady Lake, FL

LADY LAKE, FL– Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Caleb’s Place (top left photo), a 152-unit lender-owned apartment property located in Lady Lake. The terms of the sale were not disclosed.

Jamie B. May (lower right photo), a senior director in Tampa, had the exclusive listing to market the property on behalf of the seller, a nationally recognized special servicer. The buyer, Aspen Square, was secured and represented by May. 

Caleb’s Place is located at 367 Sunny Oaks Way.

Built in 2002, the property was approximately 95 percent occupied at the time of the sale.

Caleb’s Place features spacious two- and three-bedroom townhome units. Amenities include a pool, clubhouse, children’s playground, full-court basketball and a barbecue area.

IPA is a division of Marcus & Millichap Real Estate Investment Services.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Marcus & Millichap Promotes David M. Greenberg to Associate Vice President Investments in Fort Lauderdale, FL Office

  

FORT LAUDERDALE, FL – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted David M. Greenberg (top right photo) to associate vice president investments.

 This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to Gregory Matus (lower left photo), vice president and regional manager of the firm’s Fort Lauderdale office.

Greenberg began his career with Marcus & Millichap in October 2005. Prior to his promotion, he was a senior associate. His specialty is hospitality property investments.

Greenberg has received three sales recognition awards from Marcus & Millichap. He holds a Master of Business Administration degree from the University of Maryland.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

255-Unit Luxury Apartment Complex Hits the Market in Suburban Baltimore

  PIKESVILLE, MD–Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has received the exclusive listing for The Residences at Waterstone (top left photo).

The 370,436-square foot multifamily community, located along the dynamic Reisterstown Road corridor in Pikesville, is being offered as an open bid.

Will Balthrope (middle right photo), an IPA senior director, Lindsay Allen (middle left photo), an IPA director, and Ari Firoozabadi (lower right photo), a vice president investments in Marcus & Millichap’s Washington, D.C. office, are representing the seller, Pacific Urban Residential. IPA is a division of Marcus & Millichap Real Estate Investment Services.

“The Residences at Waterstone is an excellent opportunity for an investor to purchase a best-in-class asset with a history of strong occupancies and steadily increasing revenues in a submarket with limited competition,” says Balthrope.

“The property provides its residents with excellent mobility in a strategic location with proximity to the area’s major employers, retail centers and major transportation thoroughfares,” adds Allen.

 “Future demand drivers in the immediate area are expected to provide stable job growth, assuring job creation and strong housing demand for years to come,” concludes Firoozabadi. “The Residences at Waterstone offers investors long-term stability, strong rent growth potential and excellent value appreciation.”

Built in 2002 on 25 acres, the property is located at 225 Galvariun Court in Pikesville. Interstate 695, the corridor that allows direct access to Interstate 795, is one mile south of the property along Maryland State Route 140, Reisterstown Road.

The Interstate 695 corridor provides access to the Baltimore/Washington International Thurgood Marshall Airport and direct access into downtown Baltimore. Baltimore has a convenient and up-to-date subway system with two stations conveniently located in Pikesville.

The Residences at Waterstone features condominium-quality, individually parceled, townhome-style units. Each unit includes an attached garage and private entrance with select units offering wooded and park-like views.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716