Saturday, February 28, 2015

Marcus & Millichap Capital Corp. Arranges $1.74 Million in Financing for St. Petersburg, FL Garden Apartment Community


Royal Palm Apartments, St. Petersburg, FL

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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