ALICE, TEXAS – Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged a $5,000,000 refinance for a multifamily garden apartment asset in Alice, Texas.
Michael Laurencelle, an associate director in the firm’s Austin office, arranged the loan.
“Senior associates Michael Moffitt and Zar Haro, from the firm’s Austin and San Antonio offices, referred the borrower,” says Laurencelle. “The borrower’s existing note was coming due and needed to refinance by the end of August. In addition, he wanted to pull equity from the financing to invest in another property development.”
“We were able to secure a lower interest rate than our competitors and we matched their cost,” concludes Laurencelle.
The 12-year fixed term loan carried a rate of 5.48 percent with a loan-to-value of 75 percent.