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2/04/15
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Marcus & Millichap Capital Corp (MMCC) has arranged $7.05 mil loan for the purchase of a 252-unit apartment building in Arlington, TX.
MMCC’s Sharone Sabar, vice president capital markets in the company’s Encino office, arranged the debt placement, which was structured with a 10-year term and a fixed interest rate of 4.4 percent. The loan to value is 78 percent.
“The borrower required high leverage, which can be difficult to obtain for out-of-state investors,” says Sabar. “Lenders prefer borrowers with experience owning and managing real estate in their city of residency. Nonetheless, MMCC sourced a lender willing to provide high leverage acquisition financing for this investment transaction.”
John Barker, vice president investments, and associates Mark Allen and Alexander Skotarek, in Marcus & Millichap’s Fort Worth office, repped the seller. Joshua Ross, associate in the firm’s Encino, CA office, represented the buyer.
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