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MMCC’S Bhat Lines Up Acquisition Debt for Framingham Multifamily
Marcus & Millichap Capital Corporation (MMCC) arranged $5,093,000 financing for the acquisition of a 22-unit multifamily property located at 10 Centennial Pl. in Framingham, MA. Robert Bhat, senior managing director in MMCC’s Miami office, secured the financing with Ready Capital on behalf of a private client.
“This is an acquisition of a 22-unit multifamily complex located in the growing market of Framingham, MA,” said Bhat. “The primary sponsor is a repeat MMCC client with a portfolio of multifamily properties in the area. We were able to secure a seven-year non-recourse loan at 77% loan-to-value with the first 36 months of interest-only payments.”
The property is located in the Historic Saxonville District of Framingham and features a mix of one- to four-bedroom units.
- ◦Financing