Monday, January 28, 2019

$5.9 Million Cash-Out Nonrecourse Loan Arranged by MMCC in Miami, FL



23 Palms Multifamily Tower, Edgewater submarket, Miami, FL


MIAMI, FL – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged a $5.9 million nonrecourse loan with a government-sponsored enterprise to refinance 23 Palms, a 42-unit multifamily property located in the Edgewater submarket of Miami, Florida.

Robert Bhat
The loan included cash-out to the borrower.

“Situated within a highly desirable location, 23 Palms is a well-managed property that maintains excellent occupancy,” said Robert Bhat, vice president capital markets in MMCC’s Miami office. 

“We were able to take advantage of the low-rate lending environment to secure 4.65 percent for 10 years with three years of interest-only.” 
  
 Contacts:

Ari Ravi
Regional Manager, Tampa
(813) 387-4700



Daniella Aragon
Marketing Coordinator
Marcus & Millichap
5201 Blue Lagoon Drive
Suite 100
Miami, FL 33126
(786) 522-7000 main
(786) 454-0094 mobile
(786) 522-7010 fax
daniella.aragon@marcusmillichap.com



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