SEASIDE, CA– Marcus & Millichap Capital Corporation (MMCC) has arranged $10,312,500 in refinancing for a 121-unit multifamily property.
David Campbell (lower right photo), an associate director in MMCC’s Palo Alto office, arranged the loan.
“The client was looking for a competitive rate,” says Campbell. “While other lenders were quoting lower loan amounts with higher rates, we delivered cash-out financing in a smaller market, at a great rate.”
“This loan demonstrates the demand for multifamily loans and the competitive lending environment that exists for these loans,” adds Campbell. “The amount of leverage we achieved in a smaller market, with cash-out is impressive.”
The loan was structured with a 10-year term and amortizes over 30 years with an interest rate of 4.07 percent. The LTV is 75 percent.
Press Contact:
Stacey Corso
Marcus & Millichap Capital Corporation
(925) 953-1716
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