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| 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.
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| 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.
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| 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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