CALABASAS, Calif.--(BUSINESS WIRE)--Marcus & Millichap (NYSE: MMI) today announced that its financing subsidiary, Marcus & Millichap Capital Corp. (MMCC), completed over 160 agency financing transactions valued at more than $850 million, between September 2016 and March 2018, through its proprietary lending partnerships with ReadyCap Commercial LLC and PGIM Real Estate Finance. In 2017, MMCC closed over 1,700 commercial real estate financing transactions for clients valued at $5.63 billion.
“The volume of business we have closed with PGIM and ReadyCap surpasses our highest estimates by a wide margin,” said William E. Hughes, senior vice president and head of business for Marcus & Millichap Capital Corp.
“Selecting the agency providers that would best complement our business model took a great deal of vetting and scrutiny,” added Richard Katzenstein, senior vice president and national director of Marcus & Millichap Capital Corp. “The results delivered over the past 17 months more than validate our proof of concept. PGIM and ReadyCap’s platforms are a perfect fit for us and there is no limit to the success our combined efficiencies can produce on behalf of investors.”
PGIM Real Estate Finance is the commercial mortgage business of PGIM, the trillion-dollar global investment management business of Prudential Financial Inc. ReadyCap Commercial is a non-bank, direct portfolio lender. Through these unique partnerships, capital markets advisors with MMCC and Institutional Property Advisors (IPA) Capital Markets, a division of Marcus & Millichap, provide clients with a full spectrum of agency financing options.
“The volume we have achieved so far is a tribute to the synergies of the partnerships and a testament to the power of carefully selected strategic alliances,” Katzenstein said. “The combination of Marcus & Millichap’s extraordinary market reach and the range of financing solutions we deliver gives our clients a huge advantage in the commercial real estate marketplace.”
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 2017, MMCC closed over 1,700 commercial real estate financing transactions totaling $5.63 billion. To learn more, please visit: www.mmCapCorp.com.