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Marcus & Millichap Capital Corp. Arranges Refi of Two Multifamily Properties in Texas
Marcus & Millichap Capital Corporation (MMCC) has arranged $6.15 million for the refinancing of two market-rate multifamily properties in Texas, including $4.15 million for Turtle Creek Apartments in Houston, and $2 million for Amigos del Sol Apartments in El Paso. The transactions were originated by MMCC’s Phillip Gause, first vice president, based in Denver.
The seven-year permanent loan for the 93-unit Turtle Creek has an interest rate of 3.43 percent and an interest-only term of two years. The seven-year permanent loan for Amigos del Sol a 54-unit property that is located in the Rushfair submarket near downtown El Paso, has an interest rate of 3.53 percent and an interest-only term of two years.
“The properties benefited from strong lender appetite for workforce housing which drove competitive pricing and loan structure for our client,” said Gause. “Additionally, the ability to lock rates at application proved to be very beneficial given an upward shift in index and lending rates during the process.”
- ◦Lease
- ◦Financing
