MMCC Arranges a $9.88M Non-Recourse Acquisition Loan at 75% Loan-to-Value

Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged a $9,880,000 non-recourse loan to acquire an 89-unit multifamily property located near Miami International Airport in Miami’s “Flagami” neighborhood.

“This property historically maintains a strong occupancy due to its central location and proximity to the airport,” said Robert Bhat, first vice president capital markets in MMCC’s Miami office. “The sellers recently renovated most of units; installed new floors and upgraded the kitchens. The buyer is a very experienced local real estate developer/investor who locked in the purchase contract at the height of the pandemic. We were able to secure a 12-year fixed rate at 3.45% with the first four years interest-only, followed by a 30-year amortization.”