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Bridge Loan Allows for Multifamily Reposition in Amarillo
A bridge loan was recently arranged for the acquisition and reposition of a 415-unit multifamily property in Amarillo. The nonrecourse loan featured a floating rate and full-term interest only, allowing the borrower to complete planned property renovation.
The financing was negotiated on behalf of the borrower by Marcus & Millichap Capital Corporation’s Jamie Safier, first vice president capital markets, who is based in the company’s Houston office. Will Balthrope, executive managing director investments, Tommy Lovell III, first vice president investments, and Richard Robson, senior associate, all of the Dallas office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Balthrope, Lovell and Robson.
The loan amount and purchase price were undisclosed.
- ◦Acquisition
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