Monday, September 24, 2012

Marcus & Millichap Capital Corp. Arranges $6.9 Million in Student Housing Refinancing




PHILADELPHIA, PA Sept., 24, 2012 – Marcus & Millichap Capital Corporation (MMCC) has arranged $6.9 million in financing for a six-property student housing portfolio. 

            John Banas (top right photo) and Kris Wood (lower left photo), directors in MMCC’s Philadelphia office, arranged the loan. It is their second student housing portfolio financing in the amount of $6.9 million within two months for a total of $13.8 million.

 “The client requested financing for multiple properties across Kutztown University and Penn State University’s Harrisburg campus,” said Banas. “The owner wanted to free up some equity to buy out a partner.”

            “The market locations were too small for agency financing,” adds Wood. “It was challenging to find competitive rates and terms. MMCC has a great deal of experience handling complex student housing financing.”

            MMCC used its underwriting and loan packaging abilities to present a comprehensive analysis of the diverse student housing portfolio. The portfolio contains a number of newly constructed and recently stabilized buildings.

            The loans were structured with 10-year terms and amortize over 30 years at an interest rate of 4.25 percent. The LTV is 75 percent.

Contact:

Stacey Corso
Marcus & Millichap Capital Corporation
(925) 953-1716




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