Marcus & Millichap Capital Corporation (MMCC) has arranged $12,062,500 in financing for three multifamily properties located in the Central Valley. The borrower was not disclosed.
Senior managing director David Campbell, of MMCC’s Palo Alto office, secured the financing with a regional credit union on behalf of a private client. The loans feature a 10-year term, a 75% loan-to-value ratio, a 6.375% interest rate and a 30-year amortization schedule.
“Financing three assets in three different cities under one credit union relationship allowed our client to simplify execution while locking in long-term, stable capital,” said Campbell. “The lender’s knowledge of the Central Valley market was a key factor in bringing this transaction to the finish line.”
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