FORT WORTH, TX – Marcus & Millichap Capital Corporation (MMCC) has arranged a $7,840,000 loan for a 316-unit multifamily property.Brian Adams (top right photo), an associate director in MMCC’s Dallas office, arranged the acquisition financing.
“An out-of-state investor entered the Dallas/Fort Worth market, and the purchase required the structuring of a fully leveraged acquisition loan,” says Adams. “MMCC secured an 80 percent LTV, nonrecourse loan for the property through one of our correspondent agency lenders.”
He adds, . “We closed the transaction in just 35 days from application at higher loan proceeds and a lower rate than were originally anticipated.”
Built in 1985, the property received a major upgrade in 2010 and was 94 percent occupied at closing.
The 10-year loan amortizes over 30 years at an interest rate of 3.87 percent.
Press Contact:
Stacey Corso
Marcus & Millichap Capital Corporation
(925) 953-1716
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