Marcus & Millichap Capital Corp. has arranged a $7.45 million construction loan and long-term commitment for an assisted-living facility in St. George, Utah.
The construction loan is for two years and then a 75% loan-to-value, long-term loan will be in place to take over upon occupancy.
Jeffrey Meierhofer, an associate director in Salt Lake City, arranged the transaction in a market where construction funding is scarce. “When local lenders were unable to provide funding, Marcus & Millichap Capital Corp. was able to draw upon the firm’s mid-market relationships to secure financing,” says Meierhofer.
“The borrower, lender and broker worked together to start construction on what will be a state-of-the-art assisted-living facility with memory care,” adds Meierhofer. “No new assisted living has been built in the area in years. This new facility will provide much needed accommodations for seniors.”
Marcus & Millichap Capital Corp. is a subsidiary of Marcus & Millichap Real Estate Investment Services. Last year, MMCC closed 451 commercial real estate financing transactions.