Friday, October 25, 2013

Marcus & Millichap Capital Corp. Arranges $5.8 Million Multifamily Rehab Acquisition in Seattle, WA


Rehabbed 36-Unit Seattle, WA Garden Apartments

SEATTLE, WA– Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged $5.8 million of debt financing for a fully rehabbed, 36-unit garden apartment in Seattle.

Glenn Gioseffi
            Glenn Gioseffi, a vice president capital markets in MMCC’s Seattle office, arranged the loan. 

            “Dan Swanson, a vice president investments in Marcus & Millichap’s Seattle office represented both the seller and buyer of this asset. The seller had just completed total rehab of the property and wanted to free up equity and move on to a new project,” says Gioseffi.

             “The buyer, a long-term client of MMCC, was interested in purchasing the property and approached me for financing,” adds Gioseffi.

Glenn Swanson
            “We didn’t have specific market data to support the financing request. We found a lender that felt comfortable with the pro forma numbers,” continues Gioseffi. “We also identified an appraiser who could work in a short time frame and had enough experience with the market that he could support the underlying numbers.”  

“The trend of taking old buildings and rehabbing them is not new. MMCC now has a strong source of funds for buildings with no historical numbers allowing us to perform in the rehab market with great success,” concludes Gioseffi.

            The 30-year fixed loan amortizes over 30 years at 3.6 percent, with a 75 percent loan-to-value.

For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager

(925) 953-1716

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