DEAL OF THE DAY: Marcus & Millichap Arranges 80% LTV for $3.3M Fixed-Rate Mortgage
December 20, 2010
Greensboro, N.C.--Marcus & Millichap arranged a $3,304,000 loan for the acquisition of a 159-unit garden-style multifamily asset in Greensboro.
Greensboro, N.C.–Marcus & Millichap Capital Corp. (MMCC) arranged a $3,304,000 loan for the acquisition of a 159-unit garden-style multifamily asset in Greensboro.
Tim Kinney, a senior director in the firm’s Atlanta office, arranged the loan. “This transaction demonstrates the strength of the entire Marcus & Millichap platform,” says Kinney. “MMCC worked closely with agents representing both the seller and buyer. We shared information throughout the underwriting and closing processes. It was a true team effort,” adds Kinney
The loan is a 10-year fixed-rate loan with an 80 percent loan to value. The interest rate is 5.32 percent and the amortization is 30 years.