$12 Million Multifamily Loan Closed by Marcus & Millichap Capital Corp. in Washington State

         

Glenn Gioseffi

  SEATTLE, WA – Marcus & Millichap Capital Corporation (MMCC) has arranged $12 million in debt for a 272-unit multifamily mid-rise property in Richland, Wash. 

            Glenn Gioseffi, an associate director in MMCC’s Seattle office, arranged the loan.

            “The client wanted to refinance the property in order to pull money out and acquire another asset,” says Gioseffi. “The client, a foundation, was operated by a trust, which made the transaction a challenging one, since there were legal issues that took a month to overcome.”

MMCC worked with one of its institutional capital sources that could lend in a secondary market to a foundation owned by a trust. “We are seeing a lot of refinancing with cash-outs to purchase more property,” adds Gioseffi. “This is certainly a growing trend.”

            The loan was structured with a 10-year term, and amortizes over 30 years at an interest rate of 3.85 percent. The LTV is 70 percent.

Press Contact:

Stacey Corso

Marcus & Millichap Capital Corp.

(925) 953-1716