$6.8 Million Refinancing Arranged by Marcus & Millichap Capital Corp.

Glenn Gioseffi

KENMORE, WA – Marcus & Millichap Capital Corporation (MMCC) has arranged $6.8 million in new debt for a multifamily community in Kenmore, WA.

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

            “The challenge in this transaction was to find comparables that supported the level of debt needed,” says Gioseffi. “As a result of paying off the existing loan early, the borrower needed higher leverage to offset a 2 percent prepayment penalty in addition to costs associated with the new loan. Comparables supporting our loan request were hard to come by,” adds Gioseffi.

Larry Corkins

            “Larry Corkins, a senior associate in the Seattle office of Marcus & Millichap Real Estate Investment Services, introduced us to the borrower, whom he had represented during the purchase of the property,” continues Gioseffi. “We turned to Mr. Corkins for comparables research, and he successfully located a number of sales that supported our appraisal.”

            “By providing appropriate comparables with Mr. Corkins’ help, we were able to raise the appraisal value by $400,000, which in turn added $300,000 to our loan amount for a more significant cash-out sum,” Gioseffi concludes.

            The 30-year loan amortizes over 30 years at 4.13 percent. The loan-to-value is 75 percent.

Press Contact:

Marcus & Millichap Capital Corporation

(925) 953-1716