Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged $16,542,500 million in financing for four multifamily properties in Florida. Built between 1968 and 1978, the transactions are four, 10-year non-recourse loans and have an average LTV of 65% and interest rate of 3.52%. The loans featured an interest only period ranging from 3 to 5 years. The financings were secured by Robert Bhat, senior vice president, based out of MMCC’s Miami office.
“This is a high-performing portfolio of multifamily properties totaling 101 units and located throughout South Florida,” said Bhat. “We were able to secure competitive financing with a 10 year fixed interest rate in mid 3s, which is incredible considering the volatility in the market. The borrower was able to refinance three properties, recouping equity plus additional cash-out proceeds and also obtained acquisition financing on a new 24-unit asset.”
Transaction Details
Isles at Coral Ridge – 1400 NE 56th Street (Fort Lauderdale, FL) – MMCC arranged $6.8 million in financing for a 40-unit multifamily property. The property includes a communal swimming pool, in-building laundry units, available parking and waterfront views.
Deerfield Arms Apartments – 110 NE 19th Avenue (Deerfield Beach, FL) – MMCC arranged $3.69 million in financing for a 20-unit multifamily property. Built in 1968, the property offers a mix of one- and two-bedroom units, and includes on-site parking options, and is in proximity to Deerfield Beach, an award-winning beach with access to snorkeling, scuba diving and volleyball courts.
Forest Park Apartments – 108-128 NW 2nd Avenue & 102-108 NW 1st Street (Hallandale Beach, FL) – MMCC arranged $3,152,500 in financing for a 24-unit multifamily property. Built in 1978, the property is near major highways such as Hallandale Beach Boulevard, Dixie Highway and Federal Highway, and has undergone extensive indoor and outdoor upgrades, including new kitchen cabinets and countertops,
stainless steel appliances and in-unit washer and dryer.
Lambton Court – 840 NE 17th Terrace (Fort Lauderdale, FL) – MMCC arranged $2.9 million in financing for a 17-unit multifamily property. Built in 1969, the building is completely occupied and is in immediate proximity to world-class shopping, restaurants, beaches and Booming Flagler Village, a growing residential and retail district.
