Marcus & Millichap Capital Corporation Arranges $23 Million Agency Financing For Multifamily Acquisition in Dallas

DALLAS – Jan. 15, 2024 - Marcus & Millichap Capital Corporation (MMCC), a division of Marcus & Millichap (NYSE: MMI), has arranged $23 million in agency financing for the acquisition of a 310-unit multifamily property in Dallas, Texas. The MMCC Capital markets team was led by Dallas-based director Ralph Rader. Rader worked in conjunction with the Fluellen-Hoover Multifamily Group of Marcus & Millichap to procure financing for their buyer, a partnership led by Granite Towers Equity Group (GTEG) to secure the financing. The financing provided a fixed-rate of 1.86% over the 10-year Treasury, five years of interest-only, followed by a 30-year amortization and a 10-year term.

“Ralph and his team did an incredible job on the placement of our debt for Maravilla,” said Mike Roeder, managing partner of GTEG. “The process, communication and results were top notch.”

“This transaction was a shining light during a year marked by historic rate volatility and market dislocation,” said Rader. “The professionalism, diligence and investment acumen of the buyers and sellers resulted in a great day for both sides upon closing. The fantastic team at GTEG is taking over a consistently full property that enjoys significant upside in the heart of Dallas.”

Located near Bachman Lake, the seller implemented an extensive interior and exterior capital improvement plan for Maravilla in 2018 that totaled over $3.3 million. At the time of the sale, the property was 99% occupied. The 29-building community offers onsite amenities such as a clubhouse, enclosed soccer field, picnic and grill areas, pet park, multiple swimming pools, playground and laundry.

“The sponsorship intends to implement a capital improvement plan of their own that builds upon the work done by the seller and expands interior renovations to the entire property,” added Rader.

Featured in: Multifamily Affordable Housing

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About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.