BOTHELL, WASH. – Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate financing and capitalexpertise, 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, arranged the loans.
“The borrower of the Bothell property worked with my team in the past,” says Gioseffi. “They had aloan 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 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.