PRESS RELEASE: Marcus & Millichap Capital Corp. Arranges $5.3 Million Multifamily Mid-Rise Acquisition Loan

PHILADELPHIA – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged $5.3 million of debt for an apartment complex in Philadelphia.

Kristopher Wood and John Banas, both directors in MMCC’s Philadelphia office, arranged the loan. 

“The borrower has worked with us on past projects and was seeking a five-year fixed-rate construction loan,” says Wood. “Our client wanted to mitigate the interest rate risk between now and stabilization.”

“The 40-unit apartment building is in the Loft District,” adds Banas. “It is an up-and-coming area in the city that is regarded as one of the top places to live.”

The five-year fixed loan amortizes over 25 years at 4.7 percent and it is interest only for the first 18 months. The loan represents 80 percent of the total cost of the project.

TAGS: Lending