184-Unit Apartment Community in Nashville, TN
NASHVILLE, TN– Marcus & Millichap Capital Corporation
(MMCC) has arranged $5,687,000 in debt for a 184-unit multifamily community in Nashville.
John Banas |
Kristopher Wood and John Banas, both directors
in MMCC’s Philadelphia office, arranged the loan.
“The challenge in this transaction was finding an agency
lender willing to provide a cash-out refinance on an asset that had been
purchased as a distressed property in 2011,” says Wood. “Our borrowers were
interested in fixed-rate debt, as the operations and property improvements are
complete. The 100 percent cash-out was to repay investors and stabilize cash
flow for a long-term hold,” adds Wood.
Kristopher Wood |
“Through our long-term lender relationships, we were able to
deliver loan terms that were significantly better than market, exactly what our
client was looking for,” Banas concludes.
The 10-year loan amortizes over 30 years at 4.02 percent.
The LTV is 75 percent.
For a complete copy of the company’s news release, please
contact:
Ben Johnson,
Marketing Director
(925) 953-1736
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