Marcus & Millichap Capital Corporation Arranges $20M Bridge Loan for Phoenix Multifamily Asset
PHOENIX, Jan. 26, 2021 – Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged a $20M interest-only bridge loan to refinance a 108,384-square-foot multifamily property in Phoenix.
The two-story, 51-unit apartment complex was built in 2020. The three-year loan, provided by a New York-based private investment firm, has two 12-month extensions. The non-recourse debt for the 90%-complete asset was structured with a competitive interest rate and 71.3% loan-to-value. The financing was negotiated by Tyler Waller, associate director in MMCC’s Phoenix office and Anita Paryani-Rice, senior vice president capital markets in the firm’s West Los Angeles office.
“This loan was part of a trend we’re seeing wherein owners are taking advantage of low interest rates by refinancing their higher interest, recourse construction loans,” said Waller.
# # #
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.