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| Royal Palm Apartments, St. Petersburg, FL |
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| Julius "Al" Kinkle |
ST. PETERSBURG, FL – Marcus & Millichap Capital
Corporation (MMCC), a leading provider of commercial real estate financing and
capital markets expertise, has arranged a $1,743,750 loan for the acquisition
of Royal Palm Apartments, a 40-unit vintage garden apartment community
located in St. Petersburg, Fla., according to Richard D. Matricaria,
regional manager of the firm’s Tampa office.
Julius
“Al” Kinkle, associate director, in the firm’s Tampa office arranged the
financing.
This vintage garden community is located off 4th Street
North just east of Interstate 275 in St. Petersburg, Florida. The property
offers a mix of one-bedroom/one-bath and two-bedroom/one bath units averaging
719 square feet and has received over $400,000 in improvements.
“Through
our platform, we were able to bring multiple loan options to the table and,
ultimately, delivered the most favorable terms, allowing our client to close on
time and exceed their return objectives,” says Kinkle.
The 75.8 percent loan-to-cost amortizes over 30 years, with
a 30-year term and 4.75 percent interest rate fixed for five years.
For a complete copy
of the company’s news release, please contact:
Richard D. Matricaria,
Vice President/Regional Manager,
Tampa, FL
Marcus & Millichap Capital Corporation
(813) 387-4700
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