COSTA MESA, Calif.--(BUSINESS WIRE)--Marcus & Millichap (NYSE:MMI) today announced its financing division Marcus & Millichap Capital Corp. (MMCC) has arranged $24.1 million in financing for Madison Newport Apartment Homes, a 136-unit multifamily property in Costa Mesa, California.
Sharone Sabar, senior vice president capital markets in MMCC’s Encino office, arranged the debt placement.
“The borrower was focused on financing this transaction on an accelerated timeline in order to complete a 1031 exchange,” said Sabar. “After engaging three other lenders, the borrower sought out MMCC’s expertise. We were able to meet our client’s financial goals by sourcing a financial structure that provided the best terms in the shortest period of time.”
The loan was structured with a five-year interest-only term fixed at 3.15 percent. The loan-to-value is 55 percent.
About Marcus & Millichap (NYSE:MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
Marcus & Millichap Capital Corporation (MMCC) is a subsidiary of Marcus & Millichap (NYSE:MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada. Through its network of national, regional and local lenders, MMCC provides capital markets products for a wide variety of investment properties, including apartments, shopping centers, office buildings, industrial facilities, single-tenant net-lease properties, seniors housing, hotels/motels, manufactured home communities and self-storage facilities. In 2015, MMCC closed more than 1,600 commercial real estate financing transactions. To learn more, please visit: www.mmCapCorp.com