Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Marcus & Millichap Brokers $14M Sale, Financing of Indiana Property
Marcus & Millichap arranged the sale and financing of The Villas at Green Valley, an 84-unit multifamily property in New Albany, Indiana. The property sold for $14.1 million. Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, arranged $9.2 million in acquisition financing.
“The buyer completed a 1031 exchange, consolidating multiple California properties into a single asset in New Albany, increasing unit count while upgrading into a newer community,” said Tony Rogers, senior director of investments.
Rogers and Aaron Kuroiwa, investment specialists in Marcus & Millichap’s Indianapolis office, had the exclusive listing to market the property on behalf of the seller, a southern Indiana-based developer, and procured the buyer, a California-based investor.
Chad O’Connor, executive managing director, capital markets, based in the firm’s San Diego office, secured the $9.2 million financing with a national bank on behalf of the buyer. The loan features a 10-year term at 65% loan-to-value with a 5.85% interest rate and a 30-year amortization period.
