Marcus & Millichap Capital Arranges $36M for NC Apartments
The company worked with PGIM to secure the financing for Aurora Apartments in Charlotte. Terms for the seven-year loan include an adjustable rate and 30-year amortization.
By Jeffrey Steele
Commercial real estate financing and capital markets expertise provider Marcus & Millichap Capital Corp. (MMCC) has arranged $35.8 million in refinancing for Aurora Apartments in Charlotte, N.C. The loan was structured with an adjustable interest rate over a seven-year term amortized over 30 years.
“You’ll find this with a lot of borrowers. Getting the amount of proceeds they’re looking for is the greatest challenge,” Richard Katzenstein, MMCC senior vice president and national director, told MHN. “This was a matter of getting the lender comfortable with the property.
“A lot of borrowers want maximum proceeds. The challenge is delivering and getting them the maximum proceeds. In this case, the lender got very comfortable with the borrower’s operating proficiency. Because of that it was very smooth sailing.”
MMCC has an existing relationship with the borrower that sought its services. That relationship is founded on the company’s reputation as a low-cost provider, as well as its ability to execute complicated financing transactions.
“Leveraging our partnership with PGIM Real Estate Finance, we were able to provide a low-cost capital solution with attractive terms well beyond what the borrower was able to find elsewhere in the marketplace,” Katzenstein said. “In addition, MMCC’s execution of the loan was one of the best the client had experienced.”
Added William E. Hughes, senior vice president and head of MMCC, “This transaction highlights how our proprietary preferred correspondent agreement with PGIM Real Estate Finance along with MMCC’s extensive range of lenders bolsters our ability to provide the most comprehensive set of financing solutions to the benefit of our clients.”