Marcus & Millichap Capital Corporation Arranges $24.5 Million Non-Recourse Cash-Out Refinance
MIAMI, May 11, 2021 – Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions has arranged a $24.48 million non-recourse loan to provide cash-out and refinance a 207-unit multifamily property in Hialeah, Florida.
“Owned and managed by the borrower for 20-plus years, this property is situated within a strong submarket of Hialeah,” said Robert Bhat, MMCC first vice president capital markets. “We were able to secure an interest rate of 3.67% fixed for 10 years, along with the first five years interest only. In addition, the loan had no COVID or escrow reserves.”
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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.