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IPA Arranges $67M for Seattle Area Industrial Deal
IPA Capital Markets, a division of Marcus & Millichap, specializing in capital markets services for major private and institutional clients, has arranged $67 million in financing for a 441,713-square-foot industrial park in Auburn, Washington. The debt has a three-year floating rate, and the loan-to-value is 65 percent.
“The property is an exceptional Class A spec-built industrial project with an attractive design in a submarket with a very low industrial vacancy rate,” said Gary Mozer, executive managing director, of IPA Capital Markets.
“Our client built the asset all-cash for $66 million, so this loan was over 100% cash-out. There is plenty of competitive capital available for best-in-class real estate and sponsorship, as is the case for this transaction, but it took a competitive process to obtain the market terms we achieved. The terms include 12 months’ minimum interest, which was critical to the client given the anticipated short time frame to lease-up and arrange permanent loan take-out financing.”
