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MMCC Secures $4M Acquisition Loan for Yakima Portfolio

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.


Inside The Story

Marcus & Millichap Capital CorporationTammy Linden

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.