$15.8 Million Construction Loan Arranged in South Texas by MMCC
GREGORY, Texas, July 29, 2019 – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing, has arranged a $15,828,000 ground-up construction loan for a 144-unit Class A multifamily project in Gregory, Texas.
“Like many borrowers, our client sought a nonrecourse loan with as much leverage as possible,” commented David Hale, associate director in MMCC’s Dallas office. “Funds from a 1031 exchange were involved, which gave us a tight deadline. We secured the loan by demonstrating the strength of the borrower and highlighting the location, which is undersupplied with apartments and on the verge of receiving 600-plus new jobs.”
The three-year nonrecourse loan is fixed at 6.99% with two years of interest-only. The loan-to-cost is 80%.
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About Marcus & Millichap Capital Corporation
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 2018, MMCC closed over 1,600 commercial real estate financing transactions totaling $6.2 billion. To learn more, please visit: www.mmCapCorp.com.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 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 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap 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.