MMCC Secures $4M Acquisition Loan for Yakima Portfolio
Marcus & Millichap Capital Corporation (MMCC) has arranged a $4.1 million bridge loan for the acquisition of the Powerhouse Villas Duplex multifamily portfolio in Yakima, WA. The firm’s Tammy Linden, First Vice President, Capital Markets, arranged the loan on behalf of the borrower.
The acquisition was part of a 1031 exchange, with purchase contracts assembled from three different sellers by Marcus & Millichap’s Zachary Howe. “MMCC understood the borrowers’ unique needs with this transaction, and the bridge financing we arranged provides them time to reposition the asset,” said Linden in a news release. The financing includes a 12-month interest-only period and features a 10% interest rate at 56% LTV.
The recently-constructed portfolio includes 11 gated community duplexes, consisting of 24 units. The property is situated in an area that offers several amenities including schools, retail centers and healthcare facilities.