BOTHELL, WASH. – Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged in excess of $15,700,000 in debt on two multifamily assets for two different sponsors: an 88-unit apartment complex in Bothell and a 68-unit asset in Tukwila, both in Washington.
Glenn Gioseffi, a vice president capital markets in the firm’s Seattle office, arranged the loans.
“The borrower of the Bothell property worked with my team in the past,” says Gioseffi. “They had a construction loan that was maturing and wanted to retire it with long-term, fixed rate debt.”
“The 55 percent loan-to-value request on a new building with a loan of more than $10 million drew a lot of interest from life groups,” adds Gioseffi. “We outperformed several life company quotes and presented the best program for the client.”
“We’re going to see a lot more interest from life companies on new buildings with the latest electronic and living systems,” concludes Gioseffi. “These properties draw higher rents.”
The 10-year fixed term loan carried a rate of 3.40 percent.
“For the Tukwila asset, we have a long-standing relationship with the client, said Gioseffi. “The client chose to work with us again because he knew we could help support the appropriate appraisal value and facilitate the cash-out needed to purchase another income-producing property.”
The 30-year fixed term loan carried a rate of 4.50 percent with a loan-to-value of 55 percent.