MC Uses Refi Infusion to Achieve Business Plan Milestones

MC Companies secured more than $72.7 million through the refinance of four class-A and -B multifamily properties in Arizona and Oklahoma. The capital will be used for investor distributions and to reinvest in the refinanced assets through updates and renovations.

Collectively, the refinanced properties represent 954 multifamily units within the MC Companies portfolio of more than 6,500 units (or $920 million AUM). Loan durations range from six to 10 years, and a mix of Freddie Mac, Fannie Mae and bank-financed mortgages significantly reduced the cost of capital and improved terms.

“We will utilize this capital to achieve business plan milestones and to continue to reinvest in these multifamily assets, which are part of over 6,500 units that we not only own but also 100 percent manage,” said Ross McCallister, MC Companies’ co-principal.

Properties refinanced within the MC Companies portfolio include three communities in Tucson: The Place at 2120, refinanced for $4.53 million with Clay Akiwenzie of Berkadia Commercial Mortgage; The Place at Presidio Trails, refinanced for $28.87 million with Kevin Prouty at CBRE; and The Place at Spanish Trail, refinanced for $20.1 million, also with Berkadia’s Akiwenzie. It also includes the refinance of one property in Broken Arrow, OK: The Place at Quail Hollow, refinanced for $19.2 million with Alex Inman of Walker & Dunlop.