$88.2 Million Loan Arranged by Marcus & Millichap’s IPA Capital Markets

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MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Marcus & Millichap (NYSE:MMI) today announced its Institutional Property Advisors Capital Markets (IPA Capital Markets) has arranged $88,268,000 in debt to refinance a 193-unit multifamily property in Mountain View, California.

“The borrower has worked with us on numerous occasions over the last few years and is familiar with our experience in delivering unique debt solutions for our clients,” said Jake Roberts, IPA senior vice president capital markets. “This situation was special due to the desire for leverage and the non-stabilized nature of the asset.”

Roberts and Anita Paryani Rice, IPA vice president capital markets, arranged the loan.

“The biggest hurdle was ensuring that lenders used a stabilized property value to maximize proceeds,” said Paryani Rice. “IPA Capital Markets provided the borrower with a number of lenders who were willing to see the complete potential of the asset without it being fully stabilized.”

The 10-year loan has a favorable, fixed interest rate with five years of interest only. The amortization schedule is 30 years and the loan-to-value is 65 percent.

Built in late 2015, the 174,515-square-foot asset is located in Silicon Valley near Stanford University and Google headquarters.

About Marcus & Millichap (NYSE:MMI)

With over 1,600 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 over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company 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

About Institutional Property Advisors Capital Markets (IPA Capital Markets)

IPA Capital Markets provides the industry's most comprehensive institutional capital markets advisory platform. Our expertise and services cover the entire capital stack and all asset classes and investment objectives. Our team is supported by Marcus & Millichap Capital Corp.'s (MMCC) 35 offices and nearly 100 capital markets professionals. The MMCC team closed 1,600 financing transactions in 2015, making it one of the largest financial intermediaries in the United States. www.IPAusa.com

Marcus & Millichap
Gina Relva, 925-953-1716
Public Relations Manager

Source: Marcus & Millichap

Released September 6, 2016