Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the $27.7 million financing for Axletree Apartments, a five-story, 110-unit multifamily property located at 11125 SE 21st Avenue in Portland, Oregon. The financing was arranged by IPA’s Anita Paryani, senior managing director.
“The property has benefited from Portland’s rapid appreciation amid a major influx of people and business, despite being completed at the start of the pandemic,” said Paryani. “The loan provides the borrower flexibility to maximize returns over time as markets continue to improve.”
The 70-percent LTV loan is structured with a 36-month term and a fixed 2.99 percent interest rate.
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