$66.1 Million Financing Arranged by Marcus & Millichap Capital Corp.
AUSTIN, Texas--(BUSINESS WIRE)-- Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing, has arranged $66,125,000 in acquisition financing for Skyloft, a newly constructed, 18-story, 674-bed student housing asset near the University of Texas at Austin’s West Campus in Austin.
“The property offers cutting-edge, modern amenities for students, including a rooftop pool, state-of-the-art fitness center, study lounges, and in-unit washers and dryers,” said Colton Smith, first vice president capital markets in MMCC’s Salt Lake City office. “We were able to leverage our lending relationships and unparalleled experience to arrange the most competitive financing for our client.”
The 10-year loan carries a full-term interest-only repayment structure at a fixed rate of 4.45 percent. The loan-to-value ratio is under 65 percent.
About Marcus & Millichap Capital Corporation
Marcus & Millichap Capital Corporation (MMCC) is a subsidiary of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada. Through its network of national, regional and local lenders, MMCC provides capital markets products for a wide variety of investment properties, including apartments, shopping centers, office buildings, industrial facilities, single-tenant net-lease properties, seniors housing, hotels/motels, manufactured home communities and self-storage facilities. In 2018, MMCC closed over 1,600 commercial real estate financing transactions totaling $6.2 billion. To learn more, please visit: www.mmCapCorp.com.
About Marcus & Millichap (NYSE: MMI)
With nearly 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 9,472 transactions in 2018 with a value of approximately $46.4 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. To learn more, please visit: www.MarcusMillichap.com.
Gina Relva, Public Relations Director
Source: Marcus & Millichap
Released April 8, 2019