IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI) specializing in capital markets services for major private and institutional clients, has arranged $61 million in construction financing for Westgate Park Residential, a 444-unit multifamily development located in Oklahoma City, Oklahoma. The financing for Westgate Park was secured by Dallas-based IPA Capital Markets senior managing directors Todd McNeill and Sunny Sajnani.
IPA worked on behalf of the borrower, Gardner Tanenbaum, to place a three-year, 80% loan-to-cost (LTC) bank financing at a secured overnight financing rate plus 2%. Westgate Park is the next phase of a larger mixed-use development, currently home to a 200,000-square-foot Class A office building and 21,000 square feet of retail/service properties. Future phases for Westgate Park include additional office, retail, and restaurant with space for industrial/warehouse usage. “We are proud to have secured 80% LTC construction financing on another trophy project for Gardner Tanenbaum,” said McNeill. “While the lender pool may be shrinking, we were able to source outlier terms to meet our clients’ investment objectives.”
“Our partnership with the IPA finance team continues to deliver truly exceptional financing despite the instability in the current debt climate,” said Richard Tanenbaum, CEO of Gardner Tanenbaum. “Gardner Tanenbaum is excited to realize our vision for this transformative project in an explosive OKC market.”