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| Kristopher Wood |
PHILADELPHIA, PA, Feb. 13, 2013 – Marcus & Millichap Capital Corporation (MMCC)
has arranged an $8.4 million permanent loan to refinance a portfolio of two
Philadelphia apartment properties comprising four buildings and totaling 120
units.
Kristopher
Wood and John Banas, directors in the firm’s Philadelphia office,
arranged the financing.
“Agency
lenders did not represent the best option, since the properties were situated
in emerging neighborhoods,” says Wood. “But the investor had noted the current
low interest rates and made the decision to grow this previously family-owned
portfolio with a cash-out, so MMCC needed to find a lender who appreciated the
locations’ value-add opportunities.”
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| John Banas |
“Educating potential lenders was part of the process,” Banas adds, “as
not all were familiar with Philadelphia’s current multifamily growth patterns.
But eventually we found one who understood the neighborhoods’ potential, a view
we supported through our broker network’s expertise and careful research,”
concludes Banas.
The
seven-year loan amortizes over 30 years at 3.2 percent. The LTV is 65 percent.
For a complete copy of the company’s news release, please
contact:
Press Contact:
Marcus & Millichap Capital Corporation
(925) 953-1716
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