$38.5 Million Construction Loan Arranged in Tracy, CA by Marcus & Millichap Capital Corp.

Jeffery Shaddy

TRACY, CA – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged $38,500,000 in construction financing for 300 multifamily units in Tracy, a city in the Central Valley of Northern California.

Jeffery Shaddy, director in MMCC’s Sacramento office, arranged the financing.

            “MMCC brought national resources to this local project to create a competitive financing market and win the business,” says Shaddy.

 “From our large regional data base and market resources we provided a preponderance of market economics and demographics, land and building costs, rent per unit and per square foot, occupancy, detailed line item expenses, sales capitalization rate and price per square foot comparisons to achieve more than a 33 percent increase in NOI and value from the appraisal firm.

“The borrower desired little or no recourse and requested higher LTC leverage and we sourced a lender who could meet these terms,” Shaddy concludes. The three-year interest-only loan has two one-year extension options, a one month LIBOR-based adjustable interest rate, 25 percent recourse and a loan-to-cost of 70 percent.

Aspire Apartments, Tracy, CA 

            For more information, contact Jeffrey N. Shaddy, director, debt & structured finance, at 925-549-5000 

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

Gina Relva

Public Relations Manager

Marcus & Millichap Capital Corp.

(925) 953-1716

Jeffrey.Shaddy@MarcusMillichap.com.