$27 Million Refinancing Arranged by Marcus & Millichap Capital Corp.
RANCHO CORDOVA, Calif., Jan. 24, 2020 – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing, has announced the $27 million refinancing of a 137-bed seniors housing asset in Rancho Cordova, California.
“We replaced the $17 million bridge financing we had placed on the property with this new 10-year fixed-rate permanent financing,” said Jeffery Shaddy, first vice president capital markets in MMCC’s Sacramento office. “Arranging financing for assisted living and memory care is highly specialized and requires a great deal of experience. Working on behalf of exceptionally skilled and knowledgeable clients like the developer of this asset is the optimal scenario for completing complex transactions.” Shaddy arranged the financing on behalf of the borrower, a long-term client. The 80,000-square-foot property was built in 2016.
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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.