MMCC Arranges $20.1M Loan For Acquisition Of 290-Unit Asset
HOUSTON, TEXAS, July 1, 2021 – Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets solutions, has arranged acquisition financing totaling $20.1M for a 290-unit apartment complex in Houston, Texas. The loan features a floating rate of 2.01 percent and a 3-year interest only period. Proceeds included substantial funds to renovate the property and execute the Borrower’s plan to increase the asset’s value and market standing over the next two to three years. The financing was negotiated on behalf of the borrower by Brandon Brown, Senior Managing Director Capital Markets, who is based in the company’s Houston office.
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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.