California + Bay Area + Finance | September 14, 2023

IPA Arranges $62M Financing for San Jose Apartments Deal

IPA Capital Markets, a division of Marcus & Millichap, arranged $62,139,000 in acquisition financing for DUO Apartments, a 301-unit multifamily asset in San Jose.

The firm’s Brian Eisendrath, Cameron Chalfant and Jake Vitta originated the financing on behalf of the undisclosed borrower. IPA’s Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni brokered the sale of the leasehold interest.

The 10-year, interest-only, government-sponsored loan is fixed at 5.37%. The loan-to-value ratio is 65%.

Built on 4.6 acres in 2020, DUO Apartments is 11 miles from Downtown San Jose. The Santa Teresa light rail station is within walking distance, and U.S. Route 101 and State Route 85 are nearby.

Marcus & Millichap is beginning the fall with two timely webcasts. Click here for on-demand replays of “Positioning for Opportunity in Today’s Multifamily Market,” with insights from both in-house experts and institutional owners. On Sept. 26, Hessam Nadji will host a conversation with Lloyd Blankfein, former chairman and CEO of Goldman Sachs, with CRE industry leaders joining the conversation. Click here to register.

Connect Orange County will take place Sept. 27, 2023 at VEA | Newport Beach Marriott in Newport Beach, concurrently with Connect Healthcare Real Estate on Sept. 27 and 28. Click here to register for Connect Orange County, and here to register for Connect Healthcare Real Estate.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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