Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged a $4.4 million cash-out refinance for the Tower Oaks Glen, a garden-style multifamily property located at 6900 Southwest 21st Lane in Gainesville, Florida. The financing was secured by Steve Goldwyn, first vice president, and David Purisch, vice president, based out of MMCC’s Fort Lauderdale office.
“Garden-style multi-family properties that offer a combination of retail and residential access in the area are in high demand,” said Goldwyn. “This property is surrounded by a rebounding retail landscape, which aided in securing competitive financing.”
The 10-year fixed-rate loan has an LTV of 59 percent and an interest rate of 3.18 percent. The 82 unit, property has two stories and was built in 1983. Tower Oaks Glen includes an attractive mix of one-, two- and three-bedroom units, as well as amenities such as a pool and surface parking spaces. The property also provides easy access to major retail centers in the area such as Celebration Pointe and Butler Plaza, and nearby outdoor spaces include Split Rock Conservation Area and Clear Lake Natural Park.