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Marcus & Millichap Arranges $24.5MM Non-Recourse Cash-Out Refinance

May 14, 2021, 07:24 AM
Filed Under: Real Estate

Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions arranged a $24.48 million non-recourse loan to provide cash-out and refinance a 207-unit multifamily property in Hialeah, Florida.

“Owned and managed by the borrower for 20-plus years, this property is situated within a strong submarket of Hialeah,” said Robert Bhat, MMCC first vice president capital markets. “We were able to secure an interest rate of 3.67% fixed for 10 years, along with the first five years interest only. In addition, the loan had no COVID or escrow reserves.”

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.

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