Marcus & Millichap Capital Corporation (MMCC) arranged $3,530,000 in financing for the acquisition of The Lenox Lake Apartments, a 32-unit multifamily property located at 301 Lenox Ave. in Oakland’s Adams Point neighborhood.
Terms of the 15-year loan include a 5.9% interest rate fixed for the first five years, with a 30-year amortization period and 60% loan-to-value.
David Campbell, senior managing director in MMCC’s Palo Alto office, secured the financing with a national bank on behalf of a local real estate investor.
“We were able to overcome several hurdles while simultaneously improving terms for the borrower during escrow given the improving financial market,” said Campbell.
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