Marcus & Millichap Capital Corporation completes $16.5 million non-recourse financing on four Florida multifamily properties

Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged $16,542,500 million in financing for four multifamily properties in Florida. Built between 1968 and 1978, the transactions are four 10-year non-recourse loans and have an average LTV of 65% and an interest rate of 3.52%. The loans had only an interest period ranging from 3 to 5 years. The financings were secured by Robert Bhat, senior vice president, based in MMCC’s Miami office.

“This is a very successful portfolio of multi-family properties totaling 101 units and located throughout South Florida,” Bhat said. “We were able to secure competitive financing with a 10-year fixed interest rate in the middle of 3 seconds, which is incredible given the market volatility. The borrower was able to refinance three properties, recover equity as well as additional disbursement proceeds and also secured acquisition financing on a new 24 unit asset.

transaction details

Islands in Coral Ridge – 1400 NE 56th Street (Fort Lauderdale, FL) – MMCC has arranged a $6.8 million financing for a 40-unit multifamily property. The property includes a communal swimming pool, in-building laundry units, available parking and waterfront views.

Deerfield Arms Apartments – 110 NE 19th Avenue (Deerfield Beach, FL) – MMCC has arranged a $3.69 million financing for a 20-unit multifamily property. Built in 1968, the property offers a mix of one and two-bedroom units and includes on-site parking options. It is close to Deerfield Beach, an award-winning beach with access to snorkeling, scuba diving and volleyball courts.

Forest Park Apartments – 108-128 NW 2nd Avenue & 102-108 NW 1st Street (Hallandale Beach, FL) – MMCC has arranged a $3,152,500 financing for a 24-unit multi-family property. Built in 1978, the property is near major highways such as Hallandale Beach Boulevard, Dixie Highway, and Federal Highway, and has undergone extensive interior and exterior upgrades, including new kitchen cabinets and countertops,
stainless steel appliances and washer and dryer in unit.

Lambton Court – 840 NE 17th Terrace (Fort Lauderdale, FL) – MMCC arranged a $2.9 million financing for a 17-unit multifamily property. Built in 1969, the building is fully occupied and is in close proximity to shops, restaurants, beaches and Booming Flagler Village, a growing residential and commercial area.

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