Wednesday, February 13, 2013

Marcus & Millichap Capital Corp. Arranges 48.4 Million Refinance for 120 Philadelhia Apartment Units


   
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.”

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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