Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $4.025 million for the refinancing of a multifamily property located at 3105 Swan Avenue in Yakima, Washington.

Tammy Linden, first vice president capital markets, assisted in the acquisition of this property through bridge loan financing that allowed the investor to satisfy their 1031 Exchange requirements, meeting both the purchase price and debt requirements of the exchange.

After that loan closed, the borrower achieved increased rents and controlled expenses. Subsequently, Ms. Linden was able to source a new loan with a local portfolio lender.

With rising interest rates, Ms. Linden negotiated with the lender to lock the interest rate for 90 days, underwriting to the new NOI with sufficient loan proceeds to retire the bridge loan. Terms of the new loan include a 5.92% interest rate with 30-years amortization and a 65% LTV.